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Charlie is financing a new car for 5 years at 2.5% interest. At the end of the 5 years, Charlie will have paid $3000 in interest. What is the principal amount that Charlie is financing? Use I = PRT to solve the problem.

Respuesta :

merlynthewhizz
The multiplier = 100% + 2.5% = 102.5% = 1.025
Number of years = 5
Final value= 3000

Final value = Principal value × [tex] Multiplier^{(number of years)} [/tex]
[tex]3000=x (1.025)^{5} [/tex]
[tex] \frac{3000}{1.025^{5} }=x [/tex]
[tex]x=2651.56[/tex]

Hence, principal value is $2651.56

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