A certain sum of money gives $ 510 as compound interest 12¹/₂ % per annum for 2 years. Find the simple interest on the same sum
of money at the same rate for the same period of time.
1 answer:
Answer:
$127.5
Step-by-step explanation:
Given data
P = $510
r= 12.5%
t= 2 years
The expression for simple interest is
SI= PRT/100
SI= 510*12.5*2/100
SI= 12750/100
SI= 127.5
Hence the Simple interest is $127.5
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