(b) K11,943.75
Simple Interest = Principal x Rate x Time
Principal = K35,000
Rate = 6.5% = 0.065
Time = 5 years + 3/12 years = 63 months = 5.25 years
Simple Interest = K35,000 x 0.065 x 5.25
Simple Interest = K11,943.75
Therefore, the simple interest earned is K11,943.75.
17. A simple interest earned on K 35 000 deposited in a bank at a rate of 6.5% per annum for a
period of 5 years and 3 months is:
(a) K10,943.75
(b) K11,943.75
(c) K12,943.75
(d) K13,943.75
1 answer