Question

If a sum of money earns $11,178 as simple interest over a period of 9 years at the rate of 6% per annum, what is the principal

Answer 1

Answer:Formular for simple interest is

I = P X R XT

————

100

where P is the amount borrowed or loan , Rate is the percentage of interest in P while T is the Time range for the loan

Now to find the Principal, we now change the original subject of the formula to suit or reflect P.
P = I X 100

———-

R X T

= 11, 178

———

6 X 9

=. 11, 178

——

54

=. $20,700

Step-by-step explanation:

Answer 2

Answer:

$20,700

Step-by-step explanation:

Simple Interest Formula

I = Prt

where:

• I = interest accrued
• P = principal
• r = interest rate (in decimal form)
• t = time (in years)

Given:

• I = $11,178
• r = 6% = 0.06
• t = 9 years

Substitute the given values into the formula and solve for P:

$\implies \sf 11178=P(0.06)(9)$

$\implies \sf 11178=0.54P$

$\implies \sf P=\dfrac{11178}{0.54}$

$\implies \sf P=20700$

Therefore, the principal amount is $20,700.

Learn more about simple interest here:

https://brainly.com/question/23861622

https://brainly.com/question/27743947