In the interest formula I = Prt, the P stands for

Question

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The letter P in the interest formula I = Prt stands for Principal, which is the amount of money initially invested or borrowed. The interest is calculated based on this principal amount. Therefore, the correct choice is C. A is incorrect because payment refers to the amount paid towards the principal and interest of a loan. B is incorrect because premium is a payment made for an insurance policy or other service. D is incorrect because prime number is a mathematical concept and not related to the interest formula.

In the Interest Formula I = Prt, the P Stands