22-12-2021
Mathematics

contestada

A moneylender’s income decreased by $60 When the rate of interest dropped from 8% per annum to 7 3/4 % per annum . What was his principal?

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sqdancefan sqdancefan

22-12-2021

Answer:

$24,000

Step-by-step explanation:

The difference for principal amount P is ...

(8% × P) - (7 3/4% × P) = $60

0.0025P = $60

P = $24,000 . . . . . multiply by 400

His principal was $24,000.

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