You can
put this solution on YOUR website! I am in business math and for the life of me I cannot figure out how to do this problem! Please help! Margie is buying a car. Her June monthly interest at 12 1/2% was $195. What was Margie's principal balance at the beginning of June? Please don't answer in Algebra, because I won't understand it. Thank you for
The 12.5% is for a year.
As a decimal that is .125
To get the percent interest for 1 month we divide the interest
rate for a year by 12
.125÷12 = .0105166667
So the balance at the first of June was multiplied by that decimal
to get the $195 interest for the month.
So to find out what was multiplied by .0105166667 to get $195,
we divide 195÷.0105166667 and get $18720
Edwin
