Question

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Answer 1

P=IRate⋅Time

where,

P means Principal

I means Interest

Also, the future amount is the sum of the principal and the interest. Therefore, the principal is just the difference between the future amount and the interest.

P = Future Amount - Interest

If only the future amount, time and interest rate are given, we can use the following formula to calculate the principall.

P=FutureAmount1+(Rate⋅Time)

Answer 2

SI = P×R×T/100
a) SI = 700 × 6 × 2 /100
= 84
Amount = 784
b) SI = 1000×8×3/100 = 240
Amount = 1240
c) SI = 10000×15×2 = 3000
Amount = 13000