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Calculate the principal amount which earns $500 simple interest over 3 Years at a rate of 8% p.a round to the nearest cent
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Calculate the principal amount which earns $500 simple interest over 3 Years at a rate of 8% p.a round to the nearest cent
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Jun 6, 2019
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Calculate the principal amount which earns $500 simple interest over 3 Years at a rate of 8% p.a round to the nearest cent
Mathematics
high-school
Xiaojin
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Xiaojin
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$500 was earned over 3 years
so, to find one year
500 ÷ 3 = $166.67
Interest for one year is $166.67
Interest rate for one year is 8%
8% = 166.67
1% = $20.83
100% =
$2083.33
Principal amount is $2083.33
ValenceElectron
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Jun 12, 2019
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ValenceElectron
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