SOLUTION: Please help me solve this: a bank deposit paying simple interest at the rate of 6% per year grew a sum of $1300 in 8 months find the princpal

Algebra ->  Finance -> SOLUTION: Please help me solve this: a bank deposit paying simple interest at the rate of 6% per year grew a sum of $1300 in 8 months find the princpal      Log On


   

Question 571208: Please help me solve this:
a bank deposit paying simple interest at the rate of 6% per year grew a sum of $1300 in 8 months find the princpal
Answer by mrjunecarlo1095@ymail.com(10) About Me  (Show Source):
You can put this solution on YOUR website!
P= i*r*t
i= interest
r= rate
t= time in years
P= Principal
substitute the values:
P= (.06)*(1300)*(8/12)
= 52 dollars
The principal is 52 Dollars.