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If the simple interest on a sum of money for 3 years is $180 at a rate of 5% per

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Question: If the simple interest on a sum of money for 3 years is $180 at a rate of 5% per annum, what is the principal amount?

Options:

  1. $1000
  2. $1200
  3. $1500
  4. $1800

Correct Answer: $1200

Solution: 

SI = P × R × T / 100. 180 = P × 5 × 3 / 100. P = (180 × 100) / (5 × 3) = $1200.

If the simple interest on a sum of money for 3 years is $180 at a rate of 5% per

Practice Questions

Q1
If the simple interest on a sum of money for 3 years is $180 at a rate of 5% per annum, what is the principal amount?
  1. $1000
  2. $1200
  3. $1500
  4. $1800

Questions & Step-by-Step Solutions

If the simple interest on a sum of money for 3 years is $180 at a rate of 5% per annum, what is the principal amount?
  • Simple Interest – The calculation of interest on a principal amount over a specific period at a given rate.
  • Principal Amount – The original sum of money on which interest is calculated.
  • Interest Rate – The percentage at which interest is charged or paid on the principal.
  • Time Period – The duration for which the money is borrowed or invested, typically measured in years.
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