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What is the simple interest N75 for 4 years at two and half percent per year?

Show workings bit by bit

N75 x 4 = N300

N300 x 0.025 = N7.50

Answer: N7.50

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Did you know?

"Did you know that simple interest is a straightforward way of calculating the interest earned on a loan or investment? To find the simple interest on a loan of N75 over 4 years at a rate of 2.5% per year, we can break down the calculation step by step. First, we'll find the interest earned per year by multiplying the principal (N75) by the interest rate (2.5% or 0.025). Interest per year = N75 * 0.025 = N1.875 Next, we'll determine the total interest earned over 4 years by multiplying the interest per year by the number of years. Total interest over 4 years = N1.875 * 4 = N7.50 Therefore, the simple interest on N75 for 4 years at a rate of 2.5% per year is N7.50. Simple interest calculations provide a quick way to understand the interest earned or paid on a loan or investment."