Alfred wants to invest N4,000 at 6% simple interest rate for 5 years. How much interest will he receive?
Question
Alfred wants to invest N4,000 at 6% simple interest rate for 5 years. How much interest will he receive?
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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).
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