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If the simple interest on a sum of money for 3 years is $180 at a rate of 3% per

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Question: If the simple interest on a sum of money for 3 years is $180 at a rate of 3% per annum, what is the principal amount?

Options:

  1. $1200
  2. $1500
  3. $1800
  4. $2000

Correct Answer: $1800

Solution: 

Principal = (Simple Interest × 100) / (Rate × Time) = (180 × 100) / (3 × 3) = $2000.

If the simple interest on a sum of money for 3 years is $180 at a rate of 3% per

Practice Questions

Q1
If the simple interest on a sum of money for 3 years is $180 at a rate of 3% per annum, what is the principal amount?
  1. $1200
  2. $1500
  3. $1800
  4. $2000

Questions & Step-by-Step Solutions

If the simple interest on a sum of money for 3 years is $180 at a rate of 3% per annum, what is the principal amount?
  • Simple Interest Calculation – Understanding how to calculate simple interest using the formula: Simple Interest = (Principal × Rate × Time) / 100.
  • Rearranging Formulas – Ability to rearrange the simple interest formula to solve for the principal amount.
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