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If the simple interest on a sum of money is $300 in 3 years at a rate of 5% per

Practice Questions

Q1
If the simple interest on a sum of money is $300 in 3 years at a rate of 5% per annum, what is the principal?
  1. $2000
  2. $2500
  3. $3000
  4. $1500

Questions & Step-by-Step Solutions

If the simple interest on a sum of money is $300 in 3 years at a rate of 5% per annum, what is the principal?
  • Simple Interest – The interest calculated on the principal amount over a specific period at a given rate.
  • Principal Calculation – Determining the original sum of money based on the interest earned, rate, and time.
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