SOLUTION: The total simple interest on a savings certificate one year was $300 If the annual simpale interest rate was 15% what was the principal amount invested?
PXR=I
i have x*15%=$3
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Question 169013: The total simple interest on a savings certificate one year was $300 If the annual simpale interest rate was 15% what was the principal amount invested?
PXR=I
i have x*15%=$300 divide each side by 15 and you get 20.00 is this right?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
When considering interest of 15%
% means "per one hundred"
so 15% is
15/100 = .15
.
PR=I
The problem gives you:
I is $300
R is .15
.
Plugging it into:
PR=I
P(.15)=300
P = 300/.15
P = $2000
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