Explanation Given Information: Rate of interest is 7 % , time period is 2 years and interest amount is $ 2 , 800 . Formula used: The formula to compute the principal amount is, P = I R T Where, P is the principal amount, I is the amount of interest, R is the rate of interest, T is the time period. Calculation: Consider that rate of interest is 7 % , time period is 2 years and interest amount is $ 2 , 800 Simplify the rate of interest as, 7 % = 7 100 = 0.07 Substitute $ 2 , 800 for amount of interest, 0

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 10, Problem 11AT

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To calculate: The amount of principal invested where rate of interest is 7%, time period is 2 years and interest amount is $2,800.

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Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Joe Hale goes to a credit union and borrows...Ch. 10.I - Prob. 3TIE Ch. 10.I - Prob. 4TIE Ch. 10.I - a. A loan was made on April 4 and had a due date...Ch. 10.I - a. What is the maturity date of a loan taken out...Ch. 10.I - Prob. 1RE Ch. 10.I - Prob. 2RE Ch. 10.I - Prob. 3RE Ch. 10.I - Prob. 4RE

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The amount of principal invested where rate of interest is 7 % , time period is 2 years and interest amount is $ 2 , 800 .

Solution Summary: The author explains the formula used to calculate the amount of principal invested where rate of interest is 7%, time period, and interest amount are 2,800.

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To calculate: The amount of principal invested where rate of interest is 7%, time period is 2 years and interest amount is $2,800.

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Chapter 10 Solutions