SOLUTION: A Finance Company charges $55 simple interest on a sum of money which is borrowed for 5 months and given that the rate of interest is 12% per annum find the sum of money

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Question 1129951: A Finance Company charges $55 simple interest on a sum of money which is borrowed for 5 months and given that the rate of interest is 12% per annum find the sum of money
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
I=prt
55=p*.12*5/12
55=p*5/100
p=$1110
Don't put the fraction in decimal form.