Question

What is time and simple imterest when principal is 1000 and amount is 1700 and Rate of interest is 7 percent

Answer 1

Answer:

Simple interest = 700

The time period is 10 years

Step-by-step explanation:

P = principal = 1000

R = rate of interest per cent per year = 7

T = time period in years = ?

A = amount at the end of period T = 1700

SI = simple interest

SI = P*R*T/100 ...(i)

A = P + SI

=> 1700 = 1000 + SI

=> SI = 700

Simple interest = 700

Using (i), we get:

700 = (1000*7*T)/100

700 = 10*7*T

70*T = 700

T = 10

The time period is 10 years