alleryStart learning →In the simple interest formula I = Prt, what does the letter P represent?
AThe principal, the amount of money invested
BThe rate, the percent charged or earned
CThe time, the number of years invested
DThe interest, the total amount earned
Answer & Solution
Correct answer: A. The principal, the amount of money invested
1. The simple interest formula names four separate quantities.
2. I stands for the interest earned, and P stands for the principal, the money originally invested.
3. The remaining two letters, r and t, stand for the rate and the time in years.
_Source: OpenStax Elementary Algebra (CC BY 4.0), Ch 3 "Math Models", section 3.2 Solve Percent Applications_
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