What principal will earn $67.14 interest at 6.25% for 82 days?

Question

asked Jul 13, 2024 118k views

2 Answers

Akshay Gore · Answer 1 · 2024-07-17T18:35:36+0000

To find the principal, we can use the formula for simple interest:

I = P*r*t

where I is the interest, P is the principal, r is the interest rate, and t is the time in years.

We need to convert 82 days to years by dividing it by 365 (the number of days in a year):

t = 82/365

t = 0.2247

Now we can plug in the values we know and solve for P:

67.14 = P*0.0625*0.2247

P = 67.14/(0.0625*0.2247)

P = 1900

Therefore, the principal is $1900.