Question

Is $7000 is borrowed at the rate of 5% per annum for 3 years the simple interest is?
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Answer 1

1050

Explanation:

p=7000

r=5%

t=3

s.i =PxTxR/100

=7000x5x3/100

= 1050 #

Answer 2

Explanation:

Simple Interest = 7000×3×5/100

= 70×15 = 1050 $