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Marcella purchased a car using a simple interest loan. The loan had an interest rate of 5.5% and was for 3 years. Marcella paid $231 in interest. The principal amount of the loan was for $_____ .

Respuesta :

Answer:

Principal = $12600

Step-by-step explanation:

Simple Interest Formula

I = PRT

The formula for Principal Amount is:

I/RT = P

R = 5.5% = 0.055

T = 3

I = $231

P = 231 / 0.055 × 3

P =231/ 0.0183333333

P = $12600.000023

Approximately = $12600

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