Two unknowns Principal and Rate

sklush

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Jan 10, 2017
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I have no idea how to solve this problem, here are the given Time: 1.5 years, interest: $997.50, and : $4,287.50.

The problem is looking for both the principal and rate, and i can't figure out what formula I can use since there are two unknowns.
 
I have no idea how to solve this problem, here are the given Time: 1.5 years, interest: $997.50, and : $4,287.50.
Okay, you tell us that the time is 1.5 years and $997.5 is the interest but what in the world is the "$4,287.50"??? There appears to be a word missing before the ":"!

My first guess would be "principle" but since you are asking how to find the principle I guess it isn't. If it is the total paid, that would be interest plus principle so the principle would be the $4287.50 minus the interest paid, $997.50.

The problem is looking for both the principal and rate, and i can't figure out what formula I can use since there are two unknowns.
 
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