What is the name of the application program displayed in Figure 1? Write a formula to find the interest amount. Write a function to calculate the amount he would be paying after 5 years.

I will solve question 8. Question 8: It takes y years for N 87,300.00 to amount to N 99,522.00 at 7% per annum simple interest. Find the value of y. Step 1: Identify the given values and the formula for simple interest. The principal amount (P) is N 87,300.00. The total amount (A) is N 99,522.00. The interest rate (R) is 7% per annum, which is 0.07 in decimal form. The time in years is y. The simple interest (I) is the difference between the total amount and the principal. The formula for simple interest is I = (P × R × y)/(100) (when R is a percentage) or I = P × R × y (when R is a decimal). Step 2: Calculate the simple interest (I). I = A - P I = 99,522.00 - 87,300.00 I = 12,222.00 Step 3: Substitute the known values into the simple interest formula and solve for y. Using I = P × R × y where R is in decimal form: 12,222 = 87,300 × 0.07 × y 12,222 = 6111 × y Step 4: Isolate y and calculate its value. y = (12,222)/(6111) y = 2 The value of y is 2 years. The correct option is B. B. 2 Send me the next one 📸