SOLUTION: How do you work this problem? and yes I did try to do this before coming here. "i = $125 r = 6% t = 1 Find p."

Question 470366: How do you work this problem? and yes I did try to do this before coming here.
"i = $125
r = 6%
t = 1
Find p."

Found 2 solutions by Alan3354, sofiyac:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
If i is the interest, and p is the principal
i = r*p
125 = 0.06*p
p = 125/0.06
p=~ $2083.33
Answer by sofiyac(983) (Show Source): You can put this solution on YOUR website!
I=prt
plug everything in and solve for p
125=p(0.06)*1 (6% gets divided by 100 in order to convert percent to a number)
125=0.06p divide each side by 0.06
2083.33=p
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