SOLUTION: A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $2000 in 10 months. Find the principal Just need some help on how to do this problem and the an

Question 417841: A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $2000 in 10 months. Find the principal
Just need some help on how to do this problem and the answer, so I can do the rest of my HW. Please Help, Thanks!
Answer by sudhanshu_kmr(1152) (Show Source): You can put this solution on YOUR website!
Let principal amount = x , time = 10/12

interest = (principal * rate *time) /100
= x * 8 *10 / 12* 100
= 80x/1200
= x/15

total sum = x + x/15

here x + x/15 = 2000
=> 16x/15 = 2000
=> x = 2000* 15 / 16 = 1875

principal = $ 1875

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