Question

Johannes received R1000.00 for his birthday. He invested the money for three years at 10%p.a. simple interest with ABSA Bank. a) What will the simple interest be after Three years? b) What will the final amount be after Three years? calculations please

Answer 1

Step-by-step explanation:

Principal P = Rs 1000

Rate of interest R = 10% p.a

Time T = 3 years

a) Simple Interest I = P×R×T/100

= Rs (1000×10×3/100)

= Rs 300

b) Amount A = P+I

= Rs (1000+300)

= Rs 1300