Question

Given interest of $10,510 at 12 percent for 30 days one can calculate the principal as:

Answer 1

Answer:

$1,065,597.22

Step-by-step explanation:

Simple interest = Principal * Rate * Time/100

10,510 = P * 12 * 30/365*100

10,510*365*100 = 360P

383,615,000 = 360P

Note that the time was converted to years by dividing by 365

P = 383,615,000/360

P = $1,065,597.22

Hence the principal is $1,065,597.22