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formula:interes=principle x rate x years

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1 Answer

Hi Jonathan,
 
So, using the formula I=Prt, where
Interest = I = 360
Principal = P = what we are looking for
Rate = r = 6 % = .06
Time = t = 3
 
First step, rearrange the equation so that you are solving for P(Principal), divide by "rt" on both sides
I_= Prt,  rt cancels on the right hand side of equation
rt     rt
 
I_ = P    OR  P = I_
rt                       rt
 
Plug the values in for each indicated letter(variable)
P = _I = __$360_ = $360 = $2,000
       rt    (.06)(3)        .18
Principal = P = $2,000.
 
Happy to help, feel free to rate me,
Shannon

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