Compute the principal for the loan. Use ordinary interest when time is stated in days. Rate =9% Time= 6months Interest=$675

Expert Answers info

Pauline Sheehan eNotes educator | Certified Educator

calendarEducator since 2012

write2,386 answers

starTop subjects are Literature, Math, and Social Sciences

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.)

Unlock This Answer Now

check Approved by eNotes Editorial

Ask a Question