   Chapter 10.II, Problem 7RE ### 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___________________________________________________________________________ 10.5 3 years $8,190 To determine To calculate: The amount of principal invested where rate of interest is 10.5%, time period is 3 years and amount of interest is$8,190.

Explanation

Given Information:

Rate of interest is 10.5%, time period is 3 years and amount of interest is $8,190. 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 10.5%, time period is 3 years and amount of interest is$8,190.

Simplify the rate of interest as,

10.5%=10.5100=0

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