SOLUTION: Business and Finance. Use the simple interest formula to find the principal if the total interest earned was %150 and the rate of interest was 4% for 2 years.

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Question 85356: Business and Finance. Use the simple interest formula to find the principal if the total interest earned was %150 and the rate of interest was 4% for 2 years.
Answer by stanbon(48510) About Me  (Show Source):
You can put this solution on YOUR website!
Use the simple interest formula to find the principal if the total interest earned was %150 and the rate of interest was 4% for 2 years.
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A = P(1+r)^n
A = 150(1+0.04)^2
A = 150(1.04)^2
A = $162.24
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Cheers,
Stan H.