what is the principal if the interest is 11900.00 at 6% for 50 days

Question

ordinary interest rate

Answer 1

Is 6% the annual interest rate?

If so, 50 days=50/365×6=0.8219% approximately=0.008219, so simple interest I=11900=0.008219P where P is the principal.

P=11900/0.008219=1,447,833 approx.

However, if this is compound interest with interest compounded daily then the daily rate=6/365=0.016438%=0.00016438 approx.

After 50 days this comes to growth of 1.00016438⁵⁰=1.008252P and the interest is 1.008252P-P=0.008252P=11900, P=1,442,010 approx.