Question 1196148
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please help with equation for interest
if a principle of 2000 at rate of 6% earns 300, how much will principle of 4000 earn at 8%?
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In this post, the problem is formulated INCORRECTLY.

The correct formulation is as follows:



<pre>
    +-----------------------------------------------------------------+
    |   If a principal of 2000 at simple annual interest rate of 6%   |
    |    earns 300 in some time interval, how much will a principal   |
    |          of 4000 earn at 8% simple annual interest rate         |
    |                 during the same time interval ?                 |
    +-----------------------------------------------------------------+
</pre>


<U>Solution</U>


<pre>
Use the formula for simple interest 

    I = P*r*t,    (1)

P is the principal, t is the time (in years), r is the annual simple interest rate,
I is the interest amount.


For the first scenario, we have

    300 = 2000*0.06*t.


From this equation, find time t = {{{300/(2000*0.06)}}} = 2.5 years.


So, the time period is 2.5 years.


Apply the formula (1) AGAIN, this time for the second scenario

    I = 4000*0.08*2.5 = 800.


<U>ANSWER</U>.  The second interest amount is 800.
</pre>

Solved and thoroughly explained.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on simple interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Simple-interest-percentage-problems.lesson>Simple interest percentage problems</A> 

in this site.


Learn the subject from there.