Question
Find the simple interest on 30000 naira for 3½ years at 5%
Answers
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Simple interest = (principal x rate x time)/100
Here, principal = 30000 naira, rate = 5%, time = 3.5 years
Simple interest = (30000 x 5 x 3.5)/100
Simple interest = 5250 naira
Therefore, the simple interest on 30000 naira for 3½ years at 5% is 5250 naira.
Here, principal = 30000 naira, rate = 5%, time = 3.5 years
Simple interest = (30000 x 5 x 3.5)/100
Simple interest = 5250 naira
Therefore, the simple interest on 30000 naira for 3½ years at 5% is 5250 naira.