3 years ago

The simple interest formula is I=Prt, where I represents interest, P represents principal, r represents rate, and t represents t

ime in years. Determine the principal given the interest of $10, with an interest rate of 8% for 2 years.

1 answer:

andre [41]3 years ago

5 0

$p = \frac{i}{rt}$
$p = \frac{10}{(.08)(2)}$
$\frac{10}{.16}$
$\frac{10}{.16} = 62.50$

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