Question
Find the simple interest on 40000naira for 2 years at 21 per annum
Answers
GPT 3.5
Simple interest can be calculated using the formula:
Simple Interest = Principal x Rate x Time
Where:
Principal = 40000 naira
Rate = 21% per annum
Time = 2 years
Plugging in the values:
Simple Interest = 40000 x 21% x 2
Simple Interest = 40000 x 0.21 x 2
Simple Interest = 16800 naira
Therefore, the simple interest on 40000 naira for 2 years at 21% per annum is 16800 naira.
Simple Interest = Principal x Rate x Time
Where:
Principal = 40000 naira
Rate = 21% per annum
Time = 2 years
Plugging in the values:
Simple Interest = 40000 x 21% x 2
Simple Interest = 40000 x 0.21 x 2
Simple Interest = 16800 naira
Therefore, the simple interest on 40000 naira for 2 years at 21% per annum is 16800 naira.