Seth invested a certain amount of money and got back an amount of PHP 8400. If the bank paid an interest of PHP 700, find the amount Sam invested.
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Simple Interest (SI) = Amount (A) – Principal (P) = 6000 - 5400. = 600. Therefore, Richard got an interest of $ 600. Principal (P) = Amount (A) – Interest (I) = 8400 - 700. = 7700. Therefore, Seth invested $ 7700. Simple Interest (SI) = {Principal (P) × Rate (R) × Time (T)}/100. = (10000 x 6 x 4)/100. = $ 2400.
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