How much should you invest at 2.1% simple interest in order to earn $85 interest in 7 months?

Question

asked Nov 15, 2022 155k views

1 Answer

Jerome Li · Answer 1 · 2022-11-19T12:05:07+0000

Answer:

$6938.78

Explanation:

Interest = Principal x Rate x Time (in years)

let 'P' = Principal

85 = P × .021 ×
(7)/(12)

85 = .01225P

85 / .01225 = P

6938.78 = P