Question

Opio deposited shs.24,000/= in a bank
which offers an interest rate of 10% per
annum for 2 years. Calculate the simple
interest made.

Answer 1

Answer:

rs 4800 (down below)

Step-by-step explanation:

A = P (1+rt)

P = Principal Amount

R = Rate of interest

t = Number of years

A = Total accrued amount (Both principal and the interest)

Interest = A – P.

The principal amount is Rs 24,000, the rate of interest is 10% and the number of years is 2. You can calculate the simple interest as:

A = 24,000 (1+0.1*2) = Rs 28,800.

Interest = A – P = 28,800 – 24,000 = Rs 4,800.