Find the simple interest on 5thousand naira at 4% per annum for 3years

Answer 1

To calculate simple interest, we use the formula:

Simple Interest = Principal x Rate x Time

Where:
Principal = 5000 naira
Rate = 4% = 0.04
Time = 3 years

Plugging in the values:

Simple Interest = 5000 x 0.04 x 3
Simple Interest = 600 naira

Therefore, the simple interest on 5000 naira at 4% per annum for 3 years would be 600 naira.