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Mathematics[simple interest]

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According to simple interest find the principal which earns an interest of 29750 in 7 years at a rate of 5% per annum
 Mar 20, 2014

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 #1
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Formula for calculating simple interest:

I = Prt

Where,
I = interest
P = principal
r = interest rate (per year)
t = time (in years or fraction of a year)

So we have

29750 = P(,05)(7)

Solving for P

P =
(29750)/(.05*7)

...........$85000.........
 Mar 20, 2014

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