Find the simple interest on naira 280 for 5 years at 3 per annum
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.
To find the simple interest, we can use the formula:
Simple Interest = (Principal × Rate × Time) / 100
Given that the principal amount (P) is ₦280, the rate (R) is 3% per annum, and the time (T) is 5 years.
Substituting the values into the formula:
Simple Interest = (280 × 3 × 5) / 100
= (840 × 5) / 100
= 4200 / 100
= ₦42
Therefore, the simple interest on ₦280 for 5 years at a 3% per annum rate is ₦42.