Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Join our platform to connect with experts ready to provide precise answers to your questions in different areas. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

PrincipalInterest RateTime in MonthsSimple Interest?4%6$802

Sagot :

We have the following formula that correlates all those amounts:

[tex]I=\text{PRT}[/tex]

Where:

I = Simple Interest

P = Principal

R = Interest Rate

T = Time in Months

We already have 3 of those values. If we just substitute them in the formula, we're going to find the missing one.

Solving for 'P':

[tex]\begin{gathered} 80=P\times0.04\times6 \\ \Rightarrow P=\frac{80}{0.04\times6}=\frac{80}{0.24}=333.33 \end{gathered}[/tex]

With this, we have our result. The principal amount is $333.33

Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.