interest is 67.50 and rate is 3%, and time is 3 years. What is the principal?
if simple interest ....
P = 67.5/(.03(3)) = 750
To find the principal, we can use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
Here, the simple interest is given as $67.50, the rate is 3%, and the time is 3 years.
Substituting these values into the formula, we have:
67.50 = (Principal * 3 * 3) / 100
To find the principal, we can rearrange the equation:
Principal = (67.50 * 100) / (3 * 3)
Principal = 2250 / 9
Principal ≈ 250
Therefore, the principal is approximately $250.