Solve the formula I=Prt to find the principal, P, when I=$162, r=3.6%, and t=3 years.

1500$

Step-by-step explanation:

The formula to use in this problem is the one for the simple interest:

where:

I is the interest

P is the principal

r is the rate of interest

t is the time

In this problem, we have:

I=$162 (interest)

r=3.6%, which we can rewrite as

and

t=3 years

Therefore, re-arranging for P, we find the principal:

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step-by-step explanation:

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step-by-step explanation: