SOLUTION: What is the principal if the simple interest is 250.00 ,the annual interest rate is 5% and the time is 3 years?

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Question 765806: What is the principal if the simple interest is 250.00 ,the annual interest rate is 5% and the time is 3 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
What is the principal if the simple interest is 250.00 ,the annual interest rate is 5% and the time is 3 years?
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I = Prt
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250 = P*0.05*3
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250 = 0.15P
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P = 250/0.15
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P = $1666.67
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Cheers,
Stan H.