The principal amount is $37.5
Step-by-step explanation:
Rate of interest= 16%
Rate of Interest = $18
Time = 3 months
Interest = (principal amount x rate of interest x time) /100
18 = (p x 16 x 3) /100
1800 = 48p
P = 1800/48
P = 37.5
The principal amount is $37.5
