SOLUTION: Matty Kaminsky owns a new Volvo. His June monthly interest was $400. The rate is 8 ½ percent. Matty's principal balance at the beginning of June is: (Use 360 days)

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Matty Kaminsky owns a new Volvo. His June monthly interest was $400. The rate is 8 ½ percent. Matty's principal balance at the beginning of June is: (Use 360 days)       Log On

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Question 503694: Matty Kaminsky owns a new Volvo. His June monthly interest was $400. The rate is 8 ½ percent. Matty's principal balance at the beginning of June is: (Use 360 days)
Answer by oberobic(2304) About Me  (Show Source):
You can put this solution on YOUR website!
x = debt on the Volvo.
.
0.085/12 = .0070833 interest per month
.
.0070833x = $400
.
x = 400/0.0070833
.
x = $56470.85
.
Done.