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The bank gave a loan with a 9% simple interest rate to be paid in 3 years. If $378 was paid in interest, how much was the principal?​

Respuesta :

Naseeem88

Answer:

$1400

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 9%/100 = 0.09 per year,

then, solving our equation

P = 378 / ( 0.09 × 3 ) = 1400

P = $ 1,400.00

The principal required to

accumulate interest of $ 378.00

on a rate of 9% per year for 3 years is $ 1,400.00.

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