If James has to pay 12 % interest per year on an amount of $60,000 for 12 year then what is total principal?  Pick one
A) 52000 B) 24000 C) 25000 D) 27000 E) 24590
For simple interest, I = P * N * R / 100   let Principle P = x   I = x * 12 * 12 / 100   I = 1.44 * x   Amount = P + I   60000 = 1.44 x + x   x = 24590.16 = P   24590
<result>E</result>
If James has to pay 12 % interest per year on an amount of $60,000 for 12 year then what is total principal?