WEEK 1 REQUIRED ASSIGNMENT Saved Help Save Exit Submlt The

WEEK 1 REQUIRED ASSIGNMENT Saved Help Save & Exit Submlt The simple interest formula for calculating interest for less than one year is: Interest = Principal x Rate x Term/360. Solve for the Principal if the Interest is $270: Rate is 9%: Term is 60 days. Multiple Choice $1.458 $1,800 $18,000 $14,000

Answer

Interest = Principal x Rate x Term/360
=18000 x 9% x 60/360
=1620 x 60/360
=97200/360
Interest = $270 (Hence, Verified)