Find the simple interest on 280 for 5years at 3percent per annum
Simple interest = Principal x Rate x Time
Where,
Principal = 280
Rate = 3% per annum
Time = 5 years
Putting the values in the formula, we get:
Simple interest = 280 x 3/100 x 5
Simple interest = 42
Therefore, the simple interest on 280 for 5 years at 3% per annum is 42.
To find the simple interest, you can use the formula:
Simple Interest = (Principal × Rate × Time) / 100
Given:
Principal (P) = 280
Rate (R) = 3%
Time (T) = 5 years
Substituting the values into the formula:
Simple Interest = (280 × 3 × 5) / 100
Calculating:
Simple Interest = (840 × 5) / 100
Simple Interest = 4200 / 100
Simple Interest = 42
Therefore, the simple interest on 280 for 5 years at 3% per annum is 42.
To find the simple interest on an amount, you can use the formula:
Simple Interest = (Principal × Rate × Time) / 100
Let's solve the problem step by step:
1. Principal amount (P): The principal is the initial amount of money.
In this case, the principal is 280.
2. Rate of interest (R): The rate is given as 3% per annum.
To use the formula, we need to convert the percentage to the decimal form, which is 0.03.
3. Time (T): The time period is given as 5 years.
Now, let's substitute these values into the formula:
Simple Interest = (280 × 3 × 5) / 100
= (840 × 5) / 100
= 4200 / 100
= 42
Therefore, the simple interest on 280 for 5 years at 3% per annum is 42.