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If the simple interest on a sum of money for 3 years is $300 at a rate of 10% pe

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Question: If the simple interest on a sum of money for 3 years is $300 at a rate of 10% per annum, what is the principal?

Options:

  1. $1000
  2. $900
  3. $800
  4. $700

Correct Answer: $1000

Solution: 

SI = Principal × Rate × Time. 300 = Principal × 0.10 × 3. Principal = 300 / 0.30 = $1000.

If the simple interest on a sum of money for 3 years is $300 at a rate of 10% pe

Practice Questions

Q1
If the simple interest on a sum of money for 3 years is $300 at a rate of 10% per annum, what is the principal?
  1. $1000
  2. $900
  3. $800
  4. $700

Questions & Step-by-Step Solutions

If the simple interest on a sum of money for 3 years is $300 at a rate of 10% per annum, what is the principal?
  • Simple Interest – The calculation of interest on a 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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