Calculate the simple interest on GHS 600.00 at a rate of 5% per annum for 8 months.

The interest rate is given per annum (per year), so the time must be in years. There are 12 months in a year.

$$T = \frac{8 \text{ months}}{12 \text{ months/year}} = \frac{8}{12} \text{ years} = \frac{2}{3} \text{ years}$$

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 = $\frac{2}{3}$ years

Substitute the values into the formula:

$$I = 600 \times 0.05 \times \frac{2}{3}$$

$$I = 600 \times 0.05 \times \frac{2}{3}$$ $$I = 30 \times \frac{2}{3}$$ $$I = \frac{60}{3}$$ $$I = 20$$

The simple interest is GHS 20.00.

The simple interest is $\text{GHS 20.00}$.