Question

Find the Simple Interest on a loan of ₦60,000 at the rate of 3% for 3½ years.

Answer 1

6300

Explanation:

T = 3 1/2 = 7/2

R = 3% = 3/100

P = 60,000

I = PRT

I =60,000×3/100×7/2

I =6300