How do you find the principal on a $500 loan?

The principal was $500. STEP 1: Convert interest rate of 2\% per 6 months into rate per year. STEP 2: Convert 9 months into years. STEP 3: Find principal by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

How much was the deposit (principal) after 9 months?

You deposit some money into a bank account paying 2\% simple interest per 6 months . You received $15 in interest after 9 months . How much the deposit (principal) was? The principal was $500.

How much did Romesh borrow to clear his debt after 2 years?

11. Romesh borrowed Rs 2000 at 2\% per annum and Rs 1000 at 5\% per annum. He cleared his debt after 2 years by giving Rs 2800 and a watch. What is the cost of the watch?

How much did Rohit borrow from the Bank for Rohan?

Rohit borrowed Rs 60000 from a bank at 9\% per annum for 2 years. He lent this sum of money to Rohan at 10\% per annum for 2 years. How much did Rohit earn from this transaction? Rate of interest R = 10\% p.a. Rate of interest R = 9\% p.a. 11. Romesh borrowed Rs 2000 at 2\% per annum and Rs 1000 at 5\% per annum.

What is the cost of 5 years of interest?

for 5 years is $ 1,937.50. Paste this link in email, text or social media. Calculate simple interest on the principal only, I = Prt. Simple interest does not include the effect of compounding. Notes: Base formula, written as I = Prt or I = P × r × t where rate r and time t should be in the same time units such as months or years.

How do you calculate simple interest on loans?

The Simple Interest Calculation Formula is: Loan Amount (in dollars and cents) x Interest Rate x Time (in days) = Total Interest You must select the values to enter the Starting Month, Day and Year, and the Ending Month, Day and Year for the time of loan. Enter the amount of the loan and the simple interest rate.