Solved: Find the simple interest on ₦20,000 for 3 years at $5\%$ per annum

Question

Find the simple interest on ₦20,000 for 3 years at $5\%$ per annum

Verified Answer

₦3,000

Explanation & Step-by-Step Solving

Solving: $\text{Formula} = \frac{P \times R \times T}{100} = \frac{20000 \times 5 \times 3}{100} = 200 \times 15 = ₦3,000$

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