Question

Interest earned: $72.00Principal: _?Interest rate: 12%Time: 3 years

Answer 1

Given

Interest earned: $72.00

Principal: _?

Interest rate: 12%

Time: 3 years

Procedure

I=P*r*t

P = Principal Amount

I = Interest Amount

r = Rate of Interest per year

t = Time Period involved in months or years

$\begin{gathered} I=P\cdot r\cdot t \\ 72=P\cdot0.12\cdot3 \\ \frac{72}{3\cdot0.12}=P \\ 200=P \end{gathered}$

The answer is 200