BANKING B1

Ann deposited the amount of 140,000/= in a bank which gives an interest rate of 5% for 5 years. Find the simple interest she got?

 

Solution

 

I = ?,  P = 140,000/=, T = 5 years, R = 5%

 

I  = PRT

      100

 

I  = 140000 x 5 x 5

            100

 

I  = 140000 x 5 x 5

            100

 

I  = 1400 x 5 x 5

          

I  = 350,000/=

 

Hence the simple interest was Tsh 350,000/=

 

TRY THIS………………..

 

Veda deposited the amount of 48000/= in a bank which gives an interest rate of 3% for 6years. Find the simple interest she got?