Question 1 Report
Find the simple interest on ₦325 in 5years at 3% per annum.
Answer Details
The formula for finding the simple interest on a principal amount P for a period of t years at an interest rate of r per annum is:
simple interest = P * r * t / 100
In this case, P = 325, t = 5, and r = 3, so we can plug in the values into the formula:
simple interest = 325 * 3 * 5 / 100 simple interest = 48.75
So, the simple interest on ₦325 in 5 years at 3% per annum is ₦48.75.