Question

Find the principal that will amount to

Answer 1

Principal amount on a loan is the amount borrowed. To better understand, let's look at the story of John. When John bought his first car he didn't have enough money to pay for it in cash, so he had to take out a loan. He borrowed $7,500. According to the terms of the loan, John had to pay it off in five years with an interest rate of 10%. The initial amount that he borrowed, or the $7,500, is called the principal amount of the loan. Keep in mind that the principal amount applies to more than just loans. It can also apply to money that is invested or deposited into an account. For example, if you open a savings account with a $700 deposit, the principal amount is $700.

What About Interest?

Principal amount does not include interest, or a rate paid as a fee for borrowing money. To figure out the amount of interest John paid during the five years, you can use the simple interest formula, which is a formula to calculate interest paid only on the principal amount. This formula is:



Answer 2

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