Question

Find the principal which will yield simple interest of N55.60 for 1yr 6 months at the rate of 2%

Answer 1

There should be a point the line is going through, (1,2).

We have given that,

N55.60 for 1yr 6 months at the rate of 2%

We have to determine the principal which will yield simple interest of N55.60 for 1yr 6 months at the rate of 2%.

What is the simple interest?

$A = P (1 + rt)$

A = final amount

P = initial principal balance

r = annual interest rate

t = time (in years)

x = inches

y = miles

per 1 inch = 2 miles

so on the graph, there should be a point the line is going through, (1,2).

To learn more about the simple interest visit:

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