SOLUTION: Find the amount borrowed for a load with I=$171.24,r=10.3%, t=1.25 years. My answer is $1330.00 could this be right. Thanks

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Question 45864This question is from textbook Finite math
: Find the amount borrowed for a load with I=$171.24,r=10.3%, t=1.25 years. My answer is $1330.00 could this be right. Thanks This question is from textbook Finite math

Answer by AnlytcPhil(1810) About Me  (Show Source):
You can put this solution on YOUR website!
Find the amount borrowed for a load with I=$171.24,r=10.3%, t=1.25 years.
My answer is $1330.00 could this be right.  Thanks

I = Prt

P = I/(rt)

P = 171.24/(.103×1.25)

P = 1330.019417

so P = $1330.02

Edwin