Find the simple interest on 280naira for 2 1/2 years at 3percentage per year

Answer 1

To calculate the simple interest, we use the formula:

Simple Interest = Principal x Rate x Time

Where:
Principal = 280 naira
Rate = 3% or 0.03
Time = 2.5 years

Plugging in the values, we get:

Simple Interest = 280 x 0.03 x 2.5
Simple Interest = 8.4 naira

Therefore, the simple interest on 280 naira for 2 1/2 years at 3% per year is 8.4 naira.