Answer:
so principal amount is $7862.07
Step-by-step explanation:
Given data
rate = 7*1/4 % = 29/4 %
interest = $190
time = 4 months = 4/12 year
to find out
principal
solution
we know the simple interest formula i.e.
interest = ( principal × rate × time ) /100 ..................1
now put all value rate time and interest in equation 1 we get interest here
interest = ( principal × rate × time ) /100
190 = ( principal × 29/4 × 4/12 ) /100
principal = 190 × 12 ×100 / 29
principal = 7862.068966
so principal amount is $7862.07
