Dr. Collins borrowed some money to buy new furniture for her office. She paid $720.00 simple interest on a 7.5-year loan at 16%. Find the principal.
I = prt
720 = p * 7.5 * 0.16
720 = 1.2p
720/1.2 = p
600 = p
720 = p * 7.5 * 0.16
720 = 1.2p
720/1.2 = p
600 = p