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Calculate the simple interest earned on a principal of 5,000,000 at an annual interest rate of 20% for 3 years.
Mathematics
ScanSolve AI Answer
Step-by-step solution
4 stepsLet's find the interest Ladu earned using the simple interest formula.
Write the formula for simple interest.
I = P × R × T
Where:
I = Interest
P = Principal amount
R = Annual interest rate (as a decimal)
T = Time in yearsIdentify the given values.
P = 5,000,000
R = 20% = 0.20
T = 3 yearsSubstitute the values into the formula and calculate the interest.
I = 5,000,000 × 0.20 × 3
I = 1,000,000 × 3
I = 3,000,000State the final interest.
The interest earned was 3,000,000.
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