Word Problem 10-20 (Algo) [LU 10-2 (1)] Lucky Champ owes $231.20 interest on a 8% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant, Lucky's Pub and Grub. The loan is due on August 17. What is the principal? (Use Days in a year table.) Note: Use 360 days a year. Do not round intermediate calculations. Principal Che 27

Lucky Champ owes $231.20 interest on a 8% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant, Lucky's Pub and Grub. The loan is due on August 17. What is the principal? (Use Days in a year table), Note: Use 360 days a year. Do not round intermediate calculations