what is the principal if the interest is 650, rate .03, and time 3 years and 9 months
I'm assuming that we have monthly compounding.......so we have......
650 = P(1 +.03/12)(45)
Divide both sides by (1 +.03/12)(45)
P = 650/(1 +.03/12)(45) ≈ $580.92
