SIMPLE INTEREST 3

Priya deposited the amount of 60,000/= in a bank which gives an interest rate of 3% for 5 years. Find the simple interest she got.

Solution

I = ?,  P = 60,000/=, T = 5 years, R = 3%

I  = PRT

      100

I  = 60,000 x 3 x 5

            100

I  = 60,000 x 3 x 5

            100

I  = 600 x 3 x 5

          

I  = 9,000/=

Hence the simple interest was Tsh 9,000/=

TRY THIS………………….

Eda deposited the amount of 56,000/= in a bank which gives an interest rate of 2% for 4 years. Find the simple interest he got?