Question

You have two different savings accounts. For account A, the interest earned after 18 months is $12. If the interest rate is 3.2% for account A, how much is the principal? Give the equation and solution you used to solve this problem.

Answer 1

Answer:

P = $250

Step-by-step explanation:

Interest (I) = Principal (P) x Interest Rate (r) x Time (t, in years)

I = Prt

12 = P(.032)(1.5)

12 = .048P

12/.048 = P

P = 250