SOLUTION: a teacher borrowed a certain amount of money at rate of 5% annually for 13 months. If he paid $800 after 6 months, find the principal

Question 251491: a teacher borrowed a certain amount of money at rate of 5% annually for 13 months. If he paid $800 after 6 months, find the principal
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
a teacher borrowed a certain amount of money at rate of 5% annually for 13 months. If he paid $800 after 6 months, find the principal
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A(t) = P(1+rt)
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800 = P(1+0.05(13/12))
P = 800/[1.0542]
P = $758.89
Cheers,
Stan H.
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