Use the simple interest formula to determine the missing value. Round dollar amounts to the nearest cent and percents to the nearest hundredth when necessary
-p = ?, r = 5%, t = 2 months, i = $127.65
A) p = $153,180.00
B) p = $15,956.25
C) p = $459,540.00
D) p = $15,318.00

Question

Quizplus · Accepted Answer

The simple interest formula is i = prt, where i is the interest, p is the principal, r is the interest rate, and t is the time. We can rearrange this formula to solve for p: p = i/rt. Plugging in the given values, we get p = 127.65/(0.05 * 2) = $15,318.00.

Use the Simple Interest Formula to Determine the Missing Value