Given this question that we have here, the principal is the initial $500 that was charged to the credit card.
In the field of accounting, the principal amount can be described as the initial amount that was given off as a loan. That is without the addition of the interest amount.
It is the initial size of a loan. The answer here is $500 because that is the amount that was charged at first to the card. The payback amount only got to $600 because of the addition of the interest amount.
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