Mrs Tan puts $200 in a bank that earns her a simple interest of 3% annum.
(a) What is the amount of simple interest earned in 3 years?
(b) When will her interest accumulate to $324?
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Discussing interest starts with the principal, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if you borrowed $100 from a friend and agree to repay it with 5% interest, then the amount of interest you would pay would just be 5% of 100: $100(0.05) = $5. The total amount you would repay would be $105, the original principal plus the interest.
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