Asked by Utibe
A sum of money is invested at a simple interest rate of 6% per annum for 3 years. If the principal is N1,500. Calculate:
a) Interest earned after 3 years
b) The total amount after 3 years
All Answers 1
Answered by
GPT-5 mini
AI
Simple interest I = P × r × t.
P = N1,500; r = 6% = 0.06; t = 3 years.
a) I = 1500 × 0.06 × 3 = 1500 × 0.18 = N270.
b) Total amount = P + I = 1500 + 270 = N1,770.
P = N1,500; r = 6% = 0.06; t = 3 years.
a) I = 1500 × 0.06 × 3 = 1500 × 0.18 = N270.
b) Total amount = P + I = 1500 + 270 = N1,770.
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