SOLUTION: Use the interest formula to find the following value. Round to the nearest penny. i=$125 r=6% t=1 Find p.

Algebra ->  Expressions-with-variables -> SOLUTION: Use the interest formula to find the following value. Round to the nearest penny. i=$125 r=6% t=1 Find p.      Log On


   

Question 175793: Use the interest formula to find the following value. Round to the nearest penny.
i=$125
r=6%
t=1
Find p.
Answer by EMStelley(208) About Me  (Show Source):
You can put this solution on YOUR website!
I'm assuming the interest formula you are referring to is simple interest, which would be I=Prt. So using the information you gave, we have that
125 = P(0.06)(1)
So
125 = 0.06P
All that is left is to divide both sides by 0.06
P = $2083.33