SOLUTION: find the principal 9 1/2% time 150(in days) INTEREST $475 FIND PRINICIPAL

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Question 1004870: find the principal 9 1/2% time 150(in days) INTEREST $475
FIND PRINICIPAL
Answer by fractalier(6550) About Me  (Show Source):
You can put this solution on YOUR website!
If we consider 360-day years, then 150 days is 5/12 year.
Then we have
I = prt
475 = p(.095)(5/12)
Now use your calculator and solve for p and get
p = $12000