Find the simple interest of ghc 3000 at 5% per annum for 6 months.
i = Prt
To find the simple interest, you can use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Where:
Principal = GHc 3000
Rate = 5% per annum
Time = 6 months
First, we need to convert the time to years since the rate is given per annum.
Time = 6 months รท 12 months/year = 0.5 years
Now we can substitute the values into the formula:
Simple Interest = (3000 * 5 * 0.5) / 100
Simple Interest = 750 / 100
Simple Interest = GHc 7.50
Therefore, the simple interest on GHc 3000 at 5% per annum for 6 months would be GHc 7.50.
To find the simple interest, you need to use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Where:
- Principal is the initial amount of money
- Rate is the interest rate per annum
- Time is the duration in years
In this case, the principal is GHc 3000, the rate is 5% per annum, and the time is 6 months.
However, the formula requires the time to be in years, so we need to convert 6 months into years. Since there are 12 months in a year, 6 months would be 6/12 = 0.5 years.
Now we can substitute the values into the formula:
Simple Interest = (3000 * 5 * 0.5) / 100
Simplifying this expression:
Simple Interest = 750 / 100 = GHc 7.50
Therefore, the simple interest on GHc 3000 at 5% per annum for 6 months is GHc 7.50.