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Find the amount of the principal on a loan at 6% interest for 274 days if the interest was $68.50, using the ordinary interest method.

  • Math -

    The ordinary interest method is to calculate simple interest based on 360 days in a year.

    So
    interest=principal*(days/360)*rate
    68.50=principal*(274/360)*6%
    therefore
    principal=68.50*(360/274)/0.06
    =$1500

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