An account earns simple interest. Find the principal. Interest earned: $27 Principal: ? Interest rate: 1.5% Time: 2 years The principal is $

Question

asked Feb 27, 2022 165k views

1 Answer

Matt Rix · Answer 1 · 2022-03-05T10:00:27+0000

Answer:

$ 900

Explanation:

Simple interest = Principle * Time * Rate / 100

Now by substituting :

27 = Principle * 2 * 1.5 / 100

Principle = 27 * 100 / 2 * 1.5

Principle = 2700 / 3

So Principle = $ 900

Hope it helps