Calculate the simple interest on a R5000 loan for 3 years at 9% interest
To calculate the simple interest on a R5000 loan for 3 years at 9% interest, you can use the formula:
Simple Interest = Principal x Rate x Time
Where:
Principal = R5000
Rate = 9% = 0.09
Time = 3 years
Simple Interest = 5000 x 0.09 x 3
Simple Interest = 1350
Therefore, the simple interest on a R5000 loan for 3 years at 9% interest is R1350.