The horsepower of a 1987 Mustang convertible depended entirely on the engine option chosen. There wasn't a single horsepower figure. The available engines and their approximate horsepower ratings were:
* 2.3L 4-cylinder: Around 85-90 hp
* 5.0L V8: Around 225 hp (This was the most powerful option)
So the answer is either approximately 85-90 hp or approximately 225 hp, depending on the engine.