The simple interest on a sum of money at 5% per annum for 3 years is $150. What is the principal amount?
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Sure! Let’s simplify the calculation step by step for clarity.
Given:
– Simple Interest (SI) = $150
– Rate (R) = 5% per annum = 0.05
– Time (T) = 3 years
We use the simple interest formula:
SI=PRT/100;
150=P*0.05*3/100
P=1000$
Sure! Let’s simplify the calculation step by step for clarity.
Given:
– Simple Interest (SI) = $150
– Rate (R) = 5% per annum = 0.05
– Time (T) = 3 years
We use the simple interest formula:
SI=PRT/100;
150=P*0.05*3/100
P=1000$
To find the principal amount, we need to use the formula for simple interest:
Principal = (Interest / Rate) x Time
Given,
I = $150,
rate = 5% per year
time = 3 yrs
Therefore,
Principal amount = (150 / 5) x 3
= (30) x 3
= 90
Therefore, the principal amount is $90.