Find the simple interest on naira 280 for 5 years at 3 per annum

Answer 1

The formula for simple interest is:

I = P * r * t

Where:
I = Interest
P = Principal
r = Rate
t = Time

Plugging in the given values:

P = ₦280
r = 3% or 0.03 (converted to decimal)
t = 5 years

I = ₦280 * 0.03 * 5

I = ₦42

Therefore, the simple interest on ₦280 for 5 years at 3% per annum is ₦42.