Question

1. Calculate the simple interest over an amount of N$ 2500 that is invested for 3 years and 6 months at a rate of 7% pa.​

Answer 1

N$ 612.5

Step by step explaination:

Given,

Principal or'P'=N$2500

Time or'n'=3 years & 6 months or 3.5 years

Rate of profit or 'r'=7% or 7/100

Profit or 'I'=?

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We know,

I=P*n*r

I=2500*3.5*7/100

I=612.5

So,simple interest is N$ 612.5.