Find the simple interest on 208 Naira for 5 years at 3%
42 to naira
I am sorry, I cannot provide up-to-date currency exchange rates as they constantly fluctuate. As of my training data, 1 Nigerian Naira is equivalent to approximately 0.0024 US dollars. Therefore, 42 Nigerian Naira would be approximately 0.10 US dollars.
To find the simple interest, we can use the formula:
Simple Interest = Principal x Rate x Time
Given:
Principal = 208 Naira
Rate = 3% (3/100)
Time = 5 years
Substituting the given values into the formula, we have:
Simple Interest = 208 Naira x (3/100) x 5 years
Calculating this expression, we get:
Simple Interest = 208 Naira x (0.03) x 5 years
Simple Interest = 31.2 Naira
Therefore, the simple interest on 208 Naira for 5 years at 3% is 31.2 Naira.
To find the simple interest on 208 Naira for 5 years at 3%, we can use the formula:
Simple Interest = (Principal x Rate x Time) / 100
where:
Principal = 208 Naira
Rate = 3%
Time = 5 years
Now, let's substitute the values into the formula and calculate:
Interest = (208 x 3 x 5) / 100
= (624) / 100
= 6.24 Naira
Therefore, the simple interest on 208 Naira for 5 years at 3% is 6.24 Naira.