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If the simple interest on a sum of money is $300 in 3 years at a rate of 5% per
Practice Questions
Q1
If the simple interest on a sum of money is $300 in 3 years at a rate of 5% per annum, what is the principal?
$2000
$2500
$3000
$1500
Questions & Step-by-Step Solutions
If the simple interest on a sum of money is $300 in 3 years at a rate of 5% per annum, what is the principal?
Steps
Concepts
Simple Interest
– The interest calculated on the principal amount over a specific period at a given rate.
Principal Calculation
– Determining the original sum of money based on the interest earned, rate, and time.
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