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If the principal amount is $1000 and the rate of interest is 5% per annum, what

Practice Questions

Q1
If the principal amount is $1000 and the rate of interest is 5% per annum, what will be the simple interest for 3 years?
  1. $150
  2. $100
  3. $50
  4. $75

Questions & Step-by-Step Solutions

If the principal amount is $1000 and the rate of interest is 5% per annum, what will be the simple interest for 3 years?
  • Simple Interest Calculation – Understanding how to calculate simple interest using the formula: Simple Interest = Principal × Rate × Time / 100.
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