Find the simple interest on N280 for 5 years at 3 %per annum show working

Answer 1

I need just the answer to my question

Answer 2

no, you need to know how to do it.
i = Prt
so plug in your numbers.

Answer 3

What is the simple interest on 280 for 5 years at 3% per annum

Answer 4

20

Answer 5

The simple interest on 280 for 5 years at 3% per annum is 42.

Here's the working:

i = Prt
i = 280 x 0.03 x 5
i = 42

Answer 6

168

Answer 7

If the interest rate is actually 15%, then the simple interest on 280 for 5 years would be:

i = Prt
i = 280 x 0.15 x 5
i = 168

So the simple interest would be 168 Naira.