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What is the simple interest on a principal of $3000 at a rate of 5% per annum fo

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Question: What is the simple interest on a principal of $3000 at a rate of 5% per annum for 2 years?

Options:

  1. $200
  2. $300
  3. $400
  4. $500

Correct Answer: $300

Solution: 

Simple Interest = 3000 × 5 × 2 / 100 = $300.

What is the simple interest on a principal of $3000 at a rate of 5% per annum fo

Practice Questions

Q1
What is the simple interest on a principal of $3000 at a rate of 5% per annum for 2 years?
  1. $200
  2. $300
  3. $400
  4. $500

Questions & Step-by-Step Solutions

What is the simple interest on a principal of $3000 at a rate of 5% per annum for 2 years?
No concepts available.
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