Answer:
Principal amount = $1089.17
Step-by-step explanation:
Given :
Amount, A = $1710
R = 6% = 0.06
T= 114 months = 114 / 12 years
A= P( 1 + RT)
[tex]1710 = P( 1 + (0.06\times \frac{114}{12}))\\\\1710 = P(1 + 0.57)\\\\1710 = P(1.57)\\\\P= \frac{1710}{1.57} = \$ 1089. 17[/tex]
