How much principal would need to be deposited to end up earning $1,200 in simple interest paid at a rate of 2.57% for seven years?

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:   divide the numerator by the denominator to get the decimal

it would still be 193

if divide by 100 then 1.93

i am not sure