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Financial Calculations: Finding Principal, Rate, and Time

Learn how to calculate principal, rate, and time for loans using the interest formula I = P x R x T. Practice with examples to improve your financial skills.

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Financial Calculations: Finding Principal, Rate, and Time

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  1. Section 9.2 Finding Principal, Rate, and Time

  2. USE I = P x R x T • NOTE: unless specified, we will use the ordinary interest with 360 days in this section! • Use the percent circle concept…

  3. A 90 day loan with a rate of 12% results in interest of $285. Find the principal. • A loan made on May 12 must be repaid on December 18. Find the principal given that the rate is 9% and the interest at maturity is $1551. • A 4 month loan for $15,000 has interest of $412.50. Find the rate to the nearest tenth of a percent.

  4. A loan of $37,000 made on February 4 results in interest of $770.83. If the loan is due on May 15 find the rate to the nearest tenth of a percent. • A loan for $22,000 results in interest of $1283.33 at 10.5%. Find the time to the nearest day.

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