Question

Principal = ? rate = 3.25 time = 2 years interest = 63.05 how is this done?

Answer 1

in an simple interst is= I= P*r*t
Which is Interest= to principle times rate times time
63.05= P*3.25%*2
63.05= P* 0.0325 *2
63.05= P* 0.65
63.05/0.65= P
P= $97