Calculate Simple Interest, Principal, Rate or Time when 3 Values are Known
By Deb Russell, About.com
What amount of principal will earn interest of $175.50 at 6.5% in 8 months? Once again you can use the derive formula of I=Prt which becomes P = I/rt. Use the example above to help you. Remember, 8 months can be converted to days or, I can use 8/12 and move the 12 into the numerator in my formula.
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- Calculating Interest: Principal, Rate and Time are Known
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