Bill Moore is buying a van. His April Monthly intrest at 12% was $125.00 What was Bills principal balance at the beginning of April Uese 360 days

0.12 interest per 360 days =

0.12 x (30/360) for April which has 30 days.
Then 0.12*loanamt x (30/360)= 125
solve for loanamt. I get 12,500.
Check my thinking.

Shawn Bixby borrowed 17000.00 on a 120 day, 12% note. After 65 days, Shawn paid 2000.00 on the note. On day 89 Shawn paid an additional 4000.00 What is the final balance due? Determine total intrest and ending balance due by the U.S. Rule. Use ordinary intrest

To calculate Bill Moore's principal balance at the beginning of April, we can use the formula:

Principal Balance = (Interest / (Interest Rate * Number of Days)) * 360

Where:
- Interest is the amount of interest accrued in a month, which is $125.00
- Interest Rate is the monthly interest rate, which is 12% (or 0.12 in decimal form)
- Number of Days is the number of days in April, which is 30 (assuming a standard 30-day month)
- 360 is used to convert the monthly interest rate to an annual rate

Let's substitute these values into the formula:

Principal Balance = (125 / (0.12 * 30)) * 360

Principal Balance = (125 / 3.6) * 360

Principal Balance = 34.7222 * 360

Principal Balance = $12,499.92

Therefore, Bill Moore's principal balance at the beginning of April was $12,499.92.

To find out Bill Moore's principal balance at the beginning of April, we need to use the formula for calculating interest. The formula is:

Interest = Principal x Rate x Time

In this case, we know the interest (which is $125.00), the rate (which is 12% or 0.12), and the time (which is one month or 1/12 of a year). We need to rearrange the formula to solve for the principal:

Principal = Interest / (Rate x Time)

Let's substitute the given values into the formula:

Principal = $125.00 / (0.12 x (1/12))
Principal = $125.00 / (0.12 x 0.0833)
Principal = $125.00 / 0.01

Dividing $125.00 by 0.01, we find:

Principal = $12,500.00

Therefore, Bill Moore's principal balance at the beginning of April was $12,500.00.