Question

Question 3 Unsaved The formula for calculating simple interest relates the amount of interest, I, to the principal, p, the interest rate, r, and the time, t. It is represented by the following equation. I=prt Which equation can be used to find the principal if you know the amount of interest earned, the interest rate, and the time?

Answer 1

The formula is
$\frac{i}{rt}$
for example
we know that the interest 175.50
we know that the rate is 6.5=.065
we know that the time is 2 years
so....
$\frac{175}{(.065)(2)}$
$\frac{175}{.13}$
$= 1346.15$