Find the principal of a 15-month loan with a rate of 6.5%, if it results in interest of $812.

Find the principal of a 15-month loan with a rate of 6.5%, if it results in interest of $812.

asked 2021-02-13
Find the principal of a 15-month loan with a rate of 6.5%, if it results in interest of $812.

Answers (1)

Let I be the interest, P the principal, r the interest rate (in decimals) and t the loan period (in years).
The formula would be:

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