Serge M. answered • 04/25/17
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Professor of Accounting, retired. Ph.D., CPA
P * .05 * 10/12 = 254.17
P * .04166667 = 254.17
P = 254.17 / . 416667
P = 6,100.08
Kimberly J.
asked • 04/24/17simple interest
Joshua received a loan at 5% p.a. simple interest for 10 months. If he was charged an interest of $254.17 at the end of the period, what was the principal amount of the loan?
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