SOLUTION: If monthly interest was $400. and the Rate is 8.5%. What was the principle balance at the beginning of that month?

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Question 520624: If monthly interest was $400. and the Rate is 8.5%. What was the principle balance at the beginning of that month?
Found 2 solutions by edjones, tonyboy2001:
Answer by edjones(8007) About Me  (Show Source):
You can put this solution on YOUR website!
.085p/12 = 400
.085p=4800
p=$56,470.59
.
Ed

Answer by tonyboy2001(1) About Me  (Show Source):
You can put this solution on YOUR website!
.085p/12-400
085p=4800
p-56,470.59