Answer:
Step-by-step explanation:
The Simple Interest Equation is
where
A = Total Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
t = Time Period involved in months or years
In this case, we do not know the values of the equation (A and P), but we know the amount of interest accrued
If we define our principal whit this formula, we are able to know the rest of the values:
clearing
replacing
Solving