Question

Find the simple interest on $200 for 3 years at 4% per year.

Answer 1

Answer:

$24

Explanation:

Principal (P) = $200

Time (T) = 3 years

Rate (R) = 4% per annum

S.I. = PTR/100

S.I. = 200×3×4/100

S.I. = $24

Answer 2

Answer:

Step-by-step explanation:

Problem

You deposit some money into a bank account paying 4% simple interest per year. You received $72 in interest after 3 years. How much the deposit (principal) was?

Result:

The principal was $600.

Explanation

Find principal by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this example I = $72, i = 4% and t = 3 years, so