Simple Interest is the amount of interest accumulated on the original amount of money borrowed (Principal) over a given time period.
Watch this video and attempt the questions directly below it. Remember to post your solutions as comments.
Questions
1) Calculate the simple interest paid if a man borrows $10,000 at a rate of 5% per annum for 5 years
2) What is the principle that would amount to $7,000 in 4 years at 5% simple interest per annum?
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