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If the simple interest on a sum of money is $1500 at a rate of 5% per annum for

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Question: If the simple interest on a sum of money is $1500 at a rate of 5% per annum for 6 years, what is the principal amount?

Options:

  1. $5000
  2. $6000
  3. $4500
  4. $4000

Correct Answer: $5000

Solution: 

Principal = SI / (r * t) = 1500 / (0.05 * 6) = $5000

If the simple interest on a sum of money is $1500 at a rate of 5% per annum for

Practice Questions

Q1
If the simple interest on a sum of money is $1500 at a rate of 5% per annum for 6 years, what is the principal amount?
  1. $5000
  2. $6000
  3. $4500
  4. $4000

Questions & Step-by-Step Solutions

If the simple interest on a sum of money is $1500 at a rate of 5% per annum for 6 years, what is the principal amount?
  • Simple Interest – The concept of calculating interest on a principal amount over a specified time period at a given rate.
  • Principal Calculation – Understanding how to derive the principal amount from the simple interest formula.
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