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what is p when I=$440, and R=5%, and T=7 years

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what is p when I=$440, and R=5%, and T=7 years.

word-problem

asked Mar 11, 2014 in PRE-ALGEBRA by harvy0496 Apprentice

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1 Answer

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Remember the formula I = PTR/100

I = $ 440 , R = 5% , T = 7 years

Substitute the given values in simple interest formula.

440 = P(7)(5)/100

440 = 35P/100

Multiply each side by 100/35.

P = 440(100/35)

P = 12.57(100)

P = 1257 $

answered Mar 11, 2014 by ashokavf Scholar

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