If The Simple Interest On $800 For 3 Years Is 54. What Is The Rate Of Interest Per Annum?
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Simple interest = (Principal Amount)*(annual interest rate)*(number of years)/100
Here Principal amount = 800
Annual rate of interest = R
No.of years = 3
Simple interest = 34
by putting the value in equation you will get
34 = (800)(R)(3)/100
34= 24(R)
Dividing both sides by 24 you will get
34/24 = 24/24 R
R = 34/24
R = 1.42 >>> answer
Here Principal amount = 800
Annual rate of interest = R
No.of years = 3
Simple interest = 34
by putting the value in equation you will get
34 = (800)(R)(3)/100
34= 24(R)
Dividing both sides by 24 you will get
34/24 = 24/24 R
R = 34/24
R = 1.42 >>> answer
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