Compute the principal for the loan. Use ordinary interest when time is stated in days. Rate =9% Time= 6months Interest=$675
Find the principal (original) amount if $675 "ordinary" interest accrues after 6 months.
Depending on your definition of "ordinary" interest as being simple interest:
P = ? (the unknown)
rate (`r` ) = 0.09 (or `9/100` ) /
time period (`t` )= 6 months which is 0.5 of...
(The entire section contains 116 words.)
check Approved by eNotes Editorial