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What is the simple interest on a principal of $800 at a rate of 4% per annum for

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Question: What is the simple interest on a principal of $800 at a rate of 4% per annum for 5 years?

Options:

  1. $160
  2. $200
  3. $180
  4. $140

Correct Answer: $160

Solution: 

Simple Interest = Principal × Rate × Time = 800 × 0.04 × 5 = $160.

What is the simple interest on a principal of $800 at a rate of 4% per annum for

Practice Questions

Q1
What is the simple interest on a principal of $800 at a rate of 4% per annum for 5 years?
  1. $160
  2. $200
  3. $180
  4. $140

Questions & Step-by-Step Solutions

What is the simple interest on a principal of $800 at a rate of 4% per annum for 5 years?
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