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MYP Mathematics, Financial Mathematics, Simple Interest

How can we calculate the amount borrowed if the interest paid for this loan is $3000 at a rate of 5% per annum over 24 months?

Thanks

How can we calculate the amount borrowed if the interest paid for this loan is $3000 at a rate of 5% per annum over 24 months?

Thanks

- Lucas
**Posts:**0**Joined:**Mon Jan 28, 2013 8:05 pm

The simple interest is given by the following formula

Where I is the amount of interest, P is the principal, r is the simple interest rate per annum and n is the time in years.

Regarding your question about the calculation of the simple interest we have that

Hope these help!

Where I is the amount of interest, P is the principal, r is the simple interest rate per annum and n is the time in years.

Regarding your question about the calculation of the simple interest we have that

Hope these help!

- miranda
**Posts:**268**Joined:**Mon Jan 28, 2013 8:03 pm

thanks miranda!!

- Lucas
**Posts:**0**Joined:**Mon Jan 28, 2013 8:05 pm

thanks miranda!!

- Lucas
**Posts:**0**Joined:**Mon Jan 28, 2013 8:05 pm

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