Question: If the simple interest on a sum of money is $240 in 4 years at a rate of 3% per annum, what is the principal amount?
Options:
$2000
$1800
$1600
$2200
Correct Answer: $2000
Solution:
Simple Interest = P * r * t => P = SI / (r * t) = 240 / (0.03 * 4) = $2000
If the simple interest on a sum of money is $240 in 4 years at a rate of 3% per
Practice Questions
Q1
If the simple interest on a sum of money is $240 in 4 years at a rate of 3% per annum, what is the principal amount?
$2000
$1800
$1600
$2200
Questions & Step-by-Step Solutions
If the simple interest on a sum of money is $240 in 4 years at a rate of 3% per annum, what is the principal amount?
Simple Interest Calculation – Understanding the formula for calculating simple interest, which is SI = P * r * t, 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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