Over what period of time will be birr 500 amount to birr 900 at the rate of 8% simple interest?

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03-05-2021
Physics

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Over what period of time will be birr 500 amount to birr 900 at the rate of 8% simple interest?

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pstnonsonjoku pstnonsonjoku · Answer 1 · 2022-03-03T09:46:12+01:00

pstnonsonjoku pstnonsonjoku

03-03-2022

The time taken is 10 years.

What is simple interest?

The term simple interest is an interest that is charged only on the principal and not on the interest.

We have the following;

Principal = 500 birr

amount = 900 birr

rate = 8%

Interest = 900 birr - 500 birr = 400 birr

400 = 500 × 8 × T/100

400 × 100 = 500 × 8 × T

T = 400 × 100/500 × 8

T = 10 years

Learn more about simple interest:https://brainly.com/question/2793278

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Hi1315 Hi1315 · Answer 2 · 2022-03-03T14:25:48+01:00

Answer:

10 years

Explanation:

To solve this first we have to find the simple interest.

Let us find it now.

Interest = birr 900 - birr 500

= birr 400

Now we are having,

Amount = birr 900

Principal = birr 500

Interest = birr 400

rate = 8%

Period of time = ?

Let us use the formula to find the period of time.

Simple interest = Principal × Rate × Time ÷ 100

birr 400 = birr 500 × 8 × t ÷ 100

birr 400 × 100 = 4000t

40000 = 4000t

Divide both sides by 4000.

10 = t

Therefore, the time is 10 years.

Let me know if you have any other questions. :-)

Over what period of time will be birr 500 amount to birr 900 at the rate of 8% simple interest?​

Respuesta :

What is simple interest?

Otras preguntas

Over what period of time will be birr 500 amount to birr 900 at the rate of 8% simple interest?