davisnadijjja1997 davisnadijjja1997

15-03-2020
Mathematics

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When money is invested at 4.5% simple interest for 4 months, the interest is $75. Find the principal

Respuesta :

tolaosunrinde tolaosunrinde

15-03-2020

Answer: $555.6

Step-by-step explanation:

Simple interest = Principal x Rate x Time

Principal = Interest/Rate x Time

From the question, interest = $75

Rate= 4.5%; 4.5/100= 0.045

Time= 4 months

Slot the values into the formula:

P= 75/0.045 × 4/12

= 75/0.135

P= $555.6

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