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If the simple interest on a sum of money is $150 in 3 years at a rate of 5% per

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Question: If the simple interest on a sum of money is $150 in 3 years at a rate of 5% per annum, what is the principal amount?

Options:

  1. $1000
  2. $1200
  3. $900
  4. $800

Correct Answer: $1000

Solution: 

Simple Interest = Principal * Rate * Time / 100. Let Principal = P. Then, 150 = P * 5 * 3 / 100. Solving gives P = 150 * 100 / 15 = 1000.

If the simple interest on a sum of money is $150 in 3 years at a rate of 5% per

Practice Questions

Q1
If the simple interest on a sum of money is $150 in 3 years at a rate of 5% per annum, what is the principal amount?
  1. $1000
  2. $1200
  3. $900
  4. $800

Questions & Step-by-Step Solutions

If the simple interest on a sum of money is $150 in 3 years at a rate of 5% per annum, what is the principal amount?
  • Simple Interest Calculation – Understanding the formula for calculating simple interest, which is SI = P * R * T / 100, where SI is the simple interest, P is the principal amount, R is the rate of interest, and T is the time in years.
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