Find the simple interest on 600.00 which was saved for 8 months at 5% per annum
To calculate simple interest, you can use the formula:
Simple Interest = Principal x Rate x Time
Where:
Principal = 600.00
Rate = 5% per annum = 0.05
Time = 8 months = 8/12 years (since interest is calculated based on annual rates)
Now, plug in the values and calculate:
Simple Interest = 600.00 x 0.05 x 8/12
Simple Interest = 600.00 x 0.05 x 2/3
Simple Interest = 600.00 x 0.10
Simple Interest = 60.00
Therefore, the simple interest on 600.00 saved for 8 months at 5% per annum is 60.00.