How much principal must be deposited to earn $744 simple interest in 3 years at an rate of 5.4%?

Question

asked Aug 1, 2023 227k views

2 Answers

Shoaib Anwar · Answer 1 · 2023-08-01T08:49:24+0000

Answer:

Below

Explanation:

Amount of interest =Principal * interest rate * time

(interest is .054 in decimal )

744 = Principal * .054 * 3 so Principal = 4592.59 dollars