Question: If the simple interest on a sum of money is $300 in 3 years at a rate of 4% per annum, what is the principal amount?
Options:
$2000
$2500
$3000
$3500
Correct Answer: $2000
Solution:
Simple Interest = P * r * t => 300 = P * 0.04 * 3 => P = 300 / (0.12) = 2500.
If the simple interest on a sum of money is $300 in 3 years at a rate of 4% per
Practice Questions
Q1
If the simple interest on a sum of money is $300 in 3 years at a rate of 4% per annum, what is the principal amount?
$2000
$2500
$3000
$3500
Questions & Step-by-Step Solutions
If the simple interest on a sum of money is $300 in 3 years at a rate of 4% 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 per annum, and t is the time in years.
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