What Is The Principle For 2 Months When The Rate Is 11%, And Simple Interest Is $1250?
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The simple interest on a loan amount is the principal times the rate times the time. The rate and time need to be in compatible units.
interest = principal*rate*time
$1250 = principal*(11%/year)*(2/12 year) = principal*.11/6
6*$1250/.11 = principal (multiply both sides of the equation by 6/.11)
$7500/.11 = principal
$68,181.82 = principal
interest = principal*rate*time
$1250 = principal*(11%/year)*(2/12 year) = principal*.11/6
6*$1250/.11 = principal (multiply both sides of the equation by 6/.11)
$7500/.11 = principal
$68,181.82 = principal
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