   Chapter 10.II, Problem 3RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Compute the principal for the following loans. Use ordinary interest when time is stated in days.Principal Rate (%) Time Interest_____________________________________________________________________ 8 9 months $3,000 To determine To calculate: The amount of principal invested where rate of interest is 8%, time-period is 9 months and interest amount is$3,000.

Explanation

Given Information:

Rate of interest is 8%, time-period is 9 months and interest amount is $3,000. Formula used: The formula to compute the principal amount is, P=IRT Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time-period. Calculation: Consider that rate of interest is 8%, time-period is 9 months and interest amount is$3,000.

As, P=IRT

Compute the principal amount by substituting \$3,000 for amount of interest, 0

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