Interest calculation?

Question

If I received $54, 509 at 7% over 60 days, what formula would tell me the original amount. Of course these figures are examples. Just simple interest - don't need to wory about compound interest.

Answer 1

Is 7% the annual interest rate? If so, then over 60 days, that interest rate would be 7% * 60/365 = apx. 1.15%. Divide your interest earned by that interest rate to determine your principal:

54,509 / .01150685 = $4,737,091

Answer 2

The simple interest formula is

I = P (1 + nr)

I = Final Amount
P = amount invested
n = # of interest periods
r = rate in decimal for

soooo...

If interest is taken yearly: ----most likely scenario
60 days = 1/4 year = .25

54,509 = P (1 + (.25 years x .07))
Original amount = $53571.50

If interest is taken monthly:
54, 509 = P ( 1 + (3 months x .07))
Original amount = $45, 048.76

If interest is taken daily:

54, 509 = P ( 1 + (60 days x .07))
Original amount = $10,482.50

Answer 3

p times .07 times 1/6 = 54509

Answer 4

Yeah, as you know, math is really interesting!! This is the explaination for Agony's example. xxx is a three digits number which have the exact value of 111x (e.g : 222 have a value of 111 times 2, etc.) then if you divide xxx by 3x, it's the same with divide 111x by 3x. Which obviously give the answer of 37. That's very amazing!!

Answer 5

product X rate X time so the original ammount woul be around the 5& a half million mark you know the rate and time so work out the product by trial and error or use a scientific calculator to work it out using x as the product

Answer 6

7% for 60 days =1/6 yr
7/6% earned.
$54,509/(.07/6)=$4,672,200

Answer 7

54509 * .07 = interest made... (3815.63)

54509 - (that total) = money started with (50693.37)