Question

Use the simple interest formula to find the unknown quantity

I=$13.98
P=
r+3.6%
t+4 months

Answer 1

Use the simple interest formula to find the unknown quantity

I = $13.98

P=

r = 3.6%

t = 4 months

Answer:

Using the simple interest formula, the unknown quantity "P" principal = $ 1165

Solution:

Given that,

I = $ 13.98 which means simple interest = $ 13.98

r = 3.6 %

t = 4 months =
`(4)/(12)` years

P = ?

Here we have to find the value of "P" principal sum

The formula for simple interest is given as:

`\text {simple interest }=(P * n * r)/(100)`

Where "P" is the principal

"n" is the number of years

"r" is the rate of interest

Substituting the values in formula,

`\begin{array}{l}{13.98=(P * 3.6 * 4)/(100 * 12)} \\\\ {P=(13.98 * 12 * 100)/(3.6 * 4)} \\\\ {P=(13.98 * 1200)/(14.4)=1165}\end{array}`

Thus the unknown quantity "P" principal = $ 1165