What principal will earn $42.97 interest from March 28, 2017?, to April 27, 2017?, at 8.5?%?

The required principal is ?$

The required principal is $6164.99

Step-by-step explanation

Using the simple interest formula I=Prt we can solve for the principal where I is the interest, P is the principal amount, r is the interest rate, and t is the time in years.

I=Prt -- P=I/rt

• I= $42.97, r= 8.5% or 0.085, t= 30 days or (30/365)= 0.082 years

P=$42.97/(0.085*0.082)

P=$6164.99