An investment earning simple interest rate of 1.10% per annum for a term of 5 years earned 82.50 in interest. What was the principal?
oh sry i forgot to ask these questions.. to help you answer this one its a long one
1.calculate the final value after 10 years if you invest 5000.0 at 2.5% compounded annualy
2.Calculate the amount of interest earned in 10 years on 1000.00 invested at 3.00% per annum, compounded monthly
3.calculate the interest due on the following credit card balanced
a)an unpaid balance of 1629.53 at a rate of 19.50% for 21 days
b) an unpaid balance of 2639.99 at a rate of 22.95% for 30 days.
I got $87.04
I got a headache
To find the principal, we need to use the formula for simple interest:
Simple Interest = (Principal * Rate * Time) / 100
In this case, we know that the simple interest is 82.50, the rate is 1.10%, and the time is 5 years. Let's substitute the values into the formula and solve for the principal.
82.50 = (Principal * 1.10 * 5) / 100
To isolate the Principal, we can rearrange the equation:
Principal = (82.50 * 100) / (1.10 * 5)
Principal = 1500
Therefore, the principal is $1500.