Question

1What is the simple interest on #25 000 for 3years at 5% per annum?.

#28 750

#3 750

#2 875

#375


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Answer 1

3750

Explanation:

Simple interest (I) is calculated as

I =
`(PRT)/(100)` ( P is the principal, R is rate of interest and T time in years )

Here P = 25000, R = 5 and T = 3 , thus

I =
`(25000(5)(3))/(100)`

=
`(375000)/(100)`

= 3750