How much of the amount is principal and how much is interest?

Peter has been notified that the combined principal and interest on an amount he borrowed 19 months ago at 8.4% compounded monthly is now @2,297.78. How much of the amount is principal and how much is interest? Round answer to the nearest cent.
in Algebra 2 Answers by Level 1 User (440 points)
reshown by

Your answer

Your name to display (optional):
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.

1 Answer

The monthly interest is 8.4/12=0.7%. In 19 months the growth compounds to 1.00719=1.14172 approx.

!9 months ago the principal was 2297.78/1.14172=$2,012.56. The interest is 2297.78-2012.56=$285.22.

by Top Rated User (1.1m points)

Related questions

1 answer
Outstanding principal amount
asked Jul 7, 2021 in Algebra 2 Answers by Erika | 697 views
1 answer
principal 40000×6%× portion of year= interest
asked Aug 10, 2013 in Least Common Denominator by anonymous | 465 views
1 answer
find the amount in the compound interest account
asked Dec 6, 2016 in Other Math Topics by Victoria | 1.3k views
Welcome to MathHomeworkAnswers.org, where students, teachers and math enthusiasts can ask and answer any math question. Get help and answers to any math problem including algebra, trigonometry, geometry, calculus, trigonometry, fractions, solving expression, simplifying expressions and more. Get answers to math questions. Help is always 100% free!

Most popular questions within the last 3000 days

  1. 50+50-25X0+2+2= (19)
  2. it takes 10 road workers 5 days to complete a road repair when working 2 hours a day.Working at the same pace,how many days will it take 2 people working 5 hours a day to finish it? (3)
  3. complete the following. 825 use each digit once .make the two smallest 3 digit numbers and two largest 3-digit number (2)
  4. Solve 15 -1(12÷4+1)? (4)
  5. 8:4(5+2) (3)

Most popular tags

87,545 questions
99,733 answers
2,417 comments
486,328 users