MHB What is the principle when borrowing $3100 at 15% per three years?

[mathdad]

When Dave borrowed $3100 at 15% per three years, the principle was?

Do I use I = prt?

If so, the set up is 3100 = p(0.15)(3), right?

 

[MarkFL]

The principle is simply the amount borrowed, not the amount that will have to be paid back after interest is added. So, in this case the principle is \$3100.00. :)

 

[mathdad]

The principle is simply the amount borrowed, not the amount that will have to be paid back after interest is added. So, in this case the principle is \$3100.00. :)

Strange question. The answer is given within the words.