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

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Question 85372: Business and finance. Use the simple interest formula to find the principal if the total interest earned we $150 and the rate of interest was 4% for 2 years.
Answer by scianci(186) About Me  (Show Source):
You can put this solution on YOUR website!
I = prt
150 = P(.04)(2)
150 = .08P
P = 150/.08 = $1,875