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MATH SOLVE
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Calculate the simple interest of a loan of Q24,000.00 for a period of 3 years at 5% per year.
5 months ago
Q:
Calculate the simple interest of a loan of Q24,000.00 for a period of 3 years at 5% per year.
Accepted Solution
A:
Simple interest is given by: $$ I=\frac{\left(P\cdot r\cdot t\right)}{100} $$ $$ \Rightarrow I=\frac{\left(24000\cdot3\cdot5\right)}{100} $$ $$ \Rightarrow I=3600 $$