Calculate the simple interest on a R5000 loan for 3years at9%interest
3 * .09 * 5000 = ?
To calculate the simple interest on a loan, you can use the following formula:
Simple Interest = Principal Amount x Interest Rate x Time
In this case, the principal amount is R5000, the interest rate is 9%, and the time is 3 years.
Substituting these values into the formula, we have:
Simple Interest = R5000 x 0.09 x 3
Simplifying the calculation:
Simple Interest = R1350
Therefore, the simple interest on a R5000 loan for 3 years at a 9% interest rate is R1350.