In finding the PRINCIPAL AMOUNT, the formula is = Interest ÷ (Interest rate x time). For example the interest is 550 pesos, the rate is 12% (per year), but the time it was paid was 5 months only. How do we find the principal amount if the time it was paid was earlier than the on the time it was due on?
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I=P550
R=.12
T=5/12
P=P11,000