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What is the simple interest on a principal of $5000 at a rate of 5% per annum fo

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Question: What is the simple interest on a principal of $5000 at a rate of 5% per annum for 3 years?

Options:

  1. $750
  2. $500
  3. $150
  4. $300

Correct Answer: $750

Solution: 

Simple Interest = Principal × Rate × Time = 5000 × 0.05 × 3 = $750.

What is the simple interest on a principal of $5000 at a rate of 5% per annum fo

Practice Questions

Q1
What is the simple interest on a principal of $5000 at a rate of 5% per annum for 3 years?
  1. $750
  2. $500
  3. $150
  4. $300

Questions & Step-by-Step Solutions

What is the simple interest on a principal of $5000 at a rate of 5% per annum for 3 years?
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