Answer:
The principal amount is $3244.45 will result in a $48 interest charge.
Step-by-step explanation:
We are given the following in the question:
I = $48
R = 6%
Time = 90 days
We have to find the principal amount.
[tex]A = P(1+rt)[/tex]
where A is the amount, P is the principal, r is the rate and t is time in years.
[tex]A = P(1+rt)\\P+I= P(1+rt)\\P-P(1+rt)= -I\\p(1-1-rt)=-I\\\\P = \dfrac{I}{rt}[/tex]
Putting the values, we get,
[tex]P = \dfrac{48}{0.06\times \frac{90}{365}}\\\\\\P = \dfrac{48\times 365}{0.06\times 90} = 3244.45\$[/tex]
Thus, the principal amount is $3244.45 will result in a $48 interest charge.