Question

What is the principal if the amount is $1056,the time is 4 years,and the rate is 8%?

Answer 1

Use the interest formula, fill in the given values, and solve for the remaining variable.
.. I = Prt
.. 1056 = P*.08*4 . . . . . . . . substitute the given values
.. 1056/0.32 = P = 3300 . . divide by the coefficient of P and evaluate

The principal is $3300.