posted by Scott on .
Abe Wolf bought a new kitchen set at sears. Abe paid off the loan after 60 days with an intrest change of 9 dollars. If sears charges 10% interest, what did Abe pay for the Kitchen set Assume 360 days
In this case you don't know the P in
I = PRT , so let's sub in what we know
9 = P(.10)(60/360)
9*360/(.10*60) = P
P = 540