I am trying to solve a problem and would like your help,, formula: I=prt, interest=$360,rate=6%,time=3years, principal= _??

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