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What is the simple interest on a principal of $1200 at a rate of 10% per annum f

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Question: What is the simple interest on a principal of $1200 at a rate of 10% per annum for 5 years?

Options:

  1. $600
  2. $500
  3. $400
  4. $300

Correct Answer: $600

Solution: 

Simple Interest = Principal × Rate × Time / 100 = 1200 × 10 × 5 / 100 = $600

What is the simple interest on a principal of $1200 at a rate of 10% per annum f

Practice Questions

Q1
What is the simple interest on a principal of $1200 at a rate of 10% per annum for 5 years?
  1. $600
  2. $500
  3. $400
  4. $300

Questions & Step-by-Step Solutions

What is the simple interest on a principal of $1200 at a rate of 10% per annum for 5 years?
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