Thread: Simple interest help!

Simple interest earned on a sum of money for 4 yrs at 7.5% p.a. exeeds that on the same sum for 3 1/2 yrs at 8% p.a. by $90.
A) find the original sum of money
B) if the original sum of money accumulates to $4612.50 in 5 months at simple insterest, find the interest rate per annum

It's worth learning the formula I=PRT/100 for simple interest. Let y be the original sum (P in the formula stands for principal, that is original sum)

So yx7.5x4/100 - yx8x3.5/100=90

For 2nd part rearrange the formula to give R =(100I)/(PT) and put in I (which you can now work out) P (which is your answer to the 1st part) and T=5/12

Biff, please don't use x as multiplication sign; use *

I agree with Wilmer because we might miss read it as a Variable not a multiplication sign.

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Go away, David...