I am trying to solve a problem and would like your help,, formula: I=prt, interest=$360,rate=6%,time=3years, principal= _??
formula:interes=principle x rate x years
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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
I_ = P OR P = I_
Plug the values in for each indicated letter(variable)
P = _I = __$360_ = $360 = $2,000
rt (.06)(3) .18
Principal = P = $2,000.
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