SOLUTION: fina the principal when the interest is $432, the rate is 6.25 and the time is 3 yrs,

Algebra ->  Algebra  -> Finance -> SOLUTION: fina the principal when the interest is $432, the rate is 6.25 and the time is 3 yrs,      Log On

Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

   


Question 95251: fina the principal when the interest is $432, the rate is 6.25 and the time is 3 yrs,
Answer by stanbon(48522) About Me  (Show Source):
You can put this solution on YOUR website!
fina the principal when the interest is $432, the rate is 6.25 and the time is 3 yrs,
---------------
Assuming the investment was made at simple interest
I = Prt
432 = P*0.0625*3
P = 432/0.1875
P = $2304
Cheers,
Stan H.