SOLUTION: find P when R = 8 1/2%, T = 4 months, I = 240

Question 249445: find P when R = 8 1/2%, T = 4 months, I = 240
Found 2 solutions by checkley77, stanbon:
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
I=PRT
I=P(.085)1/3
240=P*.02833
P=240/.02833
P=8,471.58 AMOUNT OF THE PRINCIPAL.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
find P when R = 8 1/2%, T = 4 months, I = 240
-------------------
I = PRT
240 = P*0.085*(1/3)
720 = 0.085P
P = $8470.79
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Cheers,
Stan H.
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