Given the following values, use the simple interest formula to find the remaining variable.
Round to the nearest cent.
years

Ask by Chavez Salazar. in the United States

Mar 30,2025

Question

Given the following values, use the simple interest formula $$ I=P r t $$ to find the remaining variable. Round to the nearest cent. $$ I=\$ 91.40, r=3.19 \%, t=8 $$ years $$ \$ \square $$

UpStudy AI · Accepted Answer

Let the principal be $$ P $$. Given the simple interest formula

$$
I = P \, r \, t
$$

we are provided:

$$
I = \$91.40, \quad r = 3.19\% = 0.0319, \quad t = 8 \text{ years}
$$

1. Substitute the known values into the formula:

$$
91.40 = P \times 0.0319 \times 8
$$

2. Simplify the right-hand side:

$$
91.40 = P \times 0.2552
$$

3. Solve for $$ P $$ by isolating it:

$$
P = \frac{91.40}{0.2552}
$$

4. Calculate the value:

$$
P \approx 358.26
$$

Rounding to the nearest cent, the principal is

$$
\boxed{\$358.26}
$$
The principal $$ P $$ is \$358.26.

Given the following values, use the simple interest formula to find the remaining variable.
Round to the nearest cent.
years

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Given the following values, use the simple interest formula to find the remaining variable. Round to the nearest cent. years