I'm trying to help my son with his homework but this has me stumped; the answer is in the back of the book but I've no idea how to arrive at it.
For this loan: ......
principal + interest = $2835
was repaid over a Period of 15 months
and pays Interest at a rate of 4% per year
What was the principal of the loan?
Any idea what steps you would use to solve this?
Thanks in advance