Evander Holyfield (known as the man who had part of his ear bit off by Mike Tyson) made $270 million during his boxing career but declared bankruptcy due to poor financial choices. His July interest at 18% was $217. What was Evander’s principal at the beginning of July?
Well, it sounds like Evander Holyfield had quite a run in the boxing ring, but with that interest, it seems like his financial situation took a bit of a punch. In any case, let's try to help out.
If the interest for July alone was $217 at 18%, then that represents just a portion of the principal at the beginning of the month. Let's assume his principal is "X" dollars.
Now, to calculate the interest, we can use the formula: interest = principal * rate * time. In this case, the time is one month, so we have:
217 = X * 0.18 * 1
Simplifying that, we get:
217 = 0.18X
Now, let's solve for X:
X = 217 / 0.18
Calculating that, we find that the principal at the beginning of July was approximately $1205.56.
So, it seems like Evander started the month with $1205.56, but it looks like he couldn't dodge those financial punches and ended up in a tough spot. Remember, folks, good financial decisions are essential, whether you're in the boxing ring or not!
To find Evander Holyfield's principal at the beginning of July, we can use the formula for calculating simple interest: I = P * r * t, where I is the interest, P is the principal, r is the interest rate, and t is the time.
We are given that the interest earned for July was $217 and the interest rate is 18%, which can be expressed as 0.18. The time is not provided in the question.
Let's assume the time is 1 month (July).
Substituting the given values into the formula, we can solve for the principal:
$217 = P * 0.18 * 1
Dividing both sides of the equation by 0.18:
$217 / 0.18 = P
P ≈ $1205.56
Therefore, Evander Holyfield's principal at the beginning of July was approximately $1205.56.
To find Evander's principal at the beginning of July, we'll use the simple interest formula:
Interest = Principal x Rate x Time
First, let's convert the interest rate from a percentage to a decimal. The interest rate of 18% can be written as 0.18.
Now we can rewrite the formula as:
217 = Principal x 0.18 x 1
Since the time is given as 1 (presumably 1 month), we can simplify it to:
217 = Principal x 0.18
To isolate Principal, divide both sides of the equation by 0.18:
Principal = 217 / 0.18
Calculating this gives us:
Principal = $1,205.56
Therefore, Evander's principal at the beginning of July was $1,205.56.
.18x = 217
solve for x -- should be about $1000