interest rate 6.5%, time 18 months, simple interest $828.75 what is the principal

Use the formula for simple interest:

i = p*r*t

Then i = ($828.75)(0.065)(1.5)
= $80.80

6.5% must be converted to a decimal fraction: 0.065, and 18 months to years, specifically 1.5 years.

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joaobezerra joaobezerra · Answer 2 · 2020-01-14T18:23:42+01:00

Answer:

The principal is $8500.

Step-by-step explanation:

The simple interest formula is given by:

[tex]E = P*I*t[/tex]

In which E is the interest, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in years.

In this problem, we have that:

[tex]E = 828.75, I = 0.065, t = 1.5[/tex]

[tex]E = P*I*t[/tex]

[tex]828.75 = 1.5*0.065P[/tex]

[tex]P = 8500[/tex]

The principal is $8500.