Question

26) Using the formula I = PRN, calculate the simple interest (I) on $1500 at 3% p.a. for 8 years. Show working i.e. P = 1500, R = 3% , N= 8​

Answer 1

I = $360

Explanation:

Calculate the interest I using

I = PRN

with P = 1500, R = 3% =
`(3)/(100)` = 0.03 , N = 8 , then

I = $1500 × 0.03 × 8 = $360