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Sagot :
Joe initially deposited $5,000.00
Given:
Interest = 300
Interest rate = 2%
Term = 3 years
Find the initial deposit or the principal.
Simple Interest = Principal * interest rate * term
Principal = Simple interest / (interest rate * term)
Principal = 300 / (2%*3)
Principal = 300 / 0.06
Principal = 5,000
Joe deposited $5,000.00 which earned $300 interest after 3 years at an interest rate of 2%
Given:
Interest = 300
Interest rate = 2%
Term = 3 years
Find the initial deposit or the principal.
Simple Interest = Principal * interest rate * term
Principal = Simple interest / (interest rate * term)
Principal = 300 / (2%*3)
Principal = 300 / 0.06
Principal = 5,000
Joe deposited $5,000.00 which earned $300 interest after 3 years at an interest rate of 2%
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