Find the simple interest on 5,000naira at 4% per annum for 3years.

Answer 1

Simple Interest = Principal x Rate x Time

Principal = 5,000 naira
Rate = 4% = 0.04
Time = 3 years

Simple Interest = 5,000 x 0.04 x 3
Simple Interest = 5,000 x 0.12
Simple Interest = 600 naira

Therefore, the simple interest on 5,000 naira at 4% per annum for 3 years is 600 naira.