Calculate the simple interest on R3 500 invested at 6% per annum for 3 years
3500*.06*3 = ?
A man invests $6,750 in a bank, at a rate of 12% per annum for 7 years
To calculate the simple interest on an investment, you need to know three things: the principal amount (the initial amount invested), the interest rate per annum, and the time period for which the money is invested.
In this case, you have the following information:
Principal amount (P) = R3,500
Interest rate per annum (R) = 6%
Time period (T) = 3 years
To calculate the simple interest, you can use the formula:
Simple Interest (SI) = (P * R * T) / 100
Now let's plug in the values and calculate the simple interest:
SI = (3500 * 6 * 3) / 100
SI = (63,000) / 100
SI = R630
Therefore, the simple interest on R3,500 invested at 6% per annum for 3 years is R630.