Answer
Principle
Work Step by Step
The rate and the time determine how much interest is paid (as a percentage) for simple interest. Thus, by multiplying by the original amount (the principle), we can find how much total interest will be paid.
Elementary and Intermediate Algebra: Concepts & Applications (6th Edition)
by Bittinger, Marvin L.; Ellenbogen, David J.; Johnson, Barbara L.
Published by
Pearson
ISBN 10:
0-32184-874-8
ISBN 13:
978-0-32184-874-1
Chapter 8 - Systems of Linear Equations and Problem Solving - 8.3 Solving Applications: Systems of Two Equations - 8.3 Exercise Set - Page 527: 2
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