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If the simple interest on a sum of money is $240 after 4 years at a rate of 6% p

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Question: If the simple interest on a sum of money is $240 after 4 years at a rate of 6% per annum, what is the principal amount?

Options:

  1. $1000
  2. $1200
  3. $1500
  4. $1600

Correct Answer: $1200

Solution: 

Principal = (Interest × 100) / (Rate × Time) = (240 × 100) / (6 × 4) = $1000.

If the simple interest on a sum of money is $240 after 4 years at a rate of 6% p

Practice Questions

Q1
If the simple interest on a sum of money is $240 after 4 years at a rate of 6% per annum, what is the principal amount?
  1. $1000
  2. $1200
  3. $1500
  4. $1600

Questions & Step-by-Step Solutions

If the simple interest on a sum of money is $240 after 4 years at a rate of 6% per annum, what is the principal amount?
  • Simple Interest – The calculation of interest on a principal amount over a specific period at a given rate.
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