Alfred wants to invest N4,000 at 6% simple interest rate for 5 years. How much interest will he receive?
Question
Solution 1
To calculate the simple interest, you can use the formula:
Interest = Principal x Rate x Time
where:
- Principal is the initial amount of the loan or investment, which in this case is N4,000.
- Rate is the annual interest rate, which in this case is 6% or 0.06 (when expressed as a decimal).
- Time Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
Alfred wants to invest N4,000 at 6% simple interest rate for 5 years. How much interest will he receive?
A man expects to receive P125,000 in 8 years. How much must he invest now considering an interest rate of 12% compounded quarterly.
If you invest $5,000 at an annual simple interest rate of 4%, how much interest will you earn in 3 years?
If you invest $76 000 into a term deposit that offers a fixed interest rate of 5.6% p.a. for a period of 5 years, how much simple interest will be earned?
If you invest $1,000 at a 6% annual interest rate, how much will it be worth in 5 years with annual compounding?a.$1,338.22b.$1,060c.$1,300d.$1,500
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.