This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Hey obaapagrace556, good to see you again. Step 1: Convert the time from months to years. The interest rate is given per annum (per year), so the time must be in years. There are 12 months in a year. T = 8 months12 months/year = (8)/(12) years = (2)/(3) years Step 2: Apply the simple interest formula. The formula for simple interest is I = PRT, where: • I = Simple Interest • P = Principal amount = GHS 600.00 • R = Annual interest rate = 5% = 0.05 • T = Time in years = (2)/(3) years Substitute the values into the formula: I = 600 × 0.05 × (2)/(3) Step 3: Calculate the simple interest. I = 600 × 0.05 × (2)/(3) I = 30 × (2)/(3) I = (60)/(3) I = 20 The simple interest is GHS 20.00. The simple interest is GHS 20.00. Send me the next one 📸