Ron Tagney owns his own truck. His June interest is $210. The current rate of interest is 11%. Assuming a 360-day year, what was Ron's principal balance at the beginning of June? (Round to nearest cent.)

Name: Ron Tagney owns his own truck. His June interest is $210. The current rate of interest is 11%. Assuming a 360-day year, what was Ron's principal balance at the beginning of June? (Round to nearest cent.)
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Quizplus · Accepted Answer

$210/(.11 × (30/360))= $22,909.26. Note in calculation denominator is not rounded.

Ron Tagney Owns His Own Truck