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Find the principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years.

Sagot :

Eddie1Wan

Answer:

801.5625

Step-by-step explanation:

25.65×100/1.6×2=801.5625

The principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years will be 801.56 dollars.

What is simple interest?

Simple interest is a method of calculating the interest charge.

Simple interest can be calculated as the product of principal amount, rate and time peroid.

Simple Interest = (Principal × Rate × Time) / 100

The principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years.

Simple Interest = (Principal × Rate × Time) / 100

25.65 × 100/(1.6 × 2 )

= 801.5625

Therefore, the  principal on a savings account with 1.6% interest rate that has earned $25.65 over 2 years will be 801.56 dollars.

Learn more about simple interest here;

https://brainly.com/question/1548909

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