A man invested ₦5,000 for 9 months at 4%. What is the simple interest?

A man invested ₦5,000 for 9 months at 4%. What is the simple interest?

Answer Details

S.I. = $\frac{P\times R\times T}{100}$
If T = 9 months, it is equivalent to $\frac{9}{12}$ years
S.I. = $\frac{5000\times 4\times 9}{100\times 12}$
S.I. = ₦150