SOLUTION: what is the principal which would amount to $6900 in 3 years at 5% simple interest per annum?

Question 655587: what is the principal which would amount to $6900 in 3 years at 5% simple interest per annum?

Answer by fcabanski(1391) (Show Source): You can put this solution on YOUR website!
I=Prt is the formula for simple interest. And the formula for the accumulated amount is A = P+I (the original principal plus the interest accumulated.)

6900-I=x and I = x*.05*3

I = .15x so 6900 - .15x = x

6900 = 1.15x

6900/1.15 = x = 6000

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