interest

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Matty Kaminsky owns a new Volvo. His June monthly interest was \$400. The rate is 8 1/2 percent. Matty's principal balance at the beginning of June, rounded to the nearest cent, is: (Use 360 days)

• interest -

I = Po*r*t = 400
Po*(8.5/360)*30days = 400
0.70833*Po = 400
Po = \$564.71

4564.71.

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