Compute the principal for the loan. Use ordinary interest. (Round answer to the nearest cent) Principal...

Question

Question

Answer 1

Answer #1

Answer : $ 16,222.22

365 Days Assumed for the Year

Principal amount = (Interet / Interest Rate)* ( 365 / Time)

Interest = 896

Interet Rate = 12.60%

Time = 160

Principal amount = (896.00/12.6%) *365/160 = $16,222.22

Answer 2

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