find the amount of the principal on a loan at 6% interest for 274 days if the interest was $68.50,using the ordinary interest method.

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The ordinary interest method is used to calculate interest for a period of 360 days in a year. the formula isinterest=principal*(days/360)*rate

substituting the values in the formula68.50=principal*(274/360)*6% henceprincipal=68.50*(360/274)/0.06 =$1500

=$1500 answer

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