Question

# _______ is the interest on £356 principal at 8% per year for 5 years.

- 250
- 175
- 142.4
- 15.86

Hint:

### Obtain the simple interest by substituting the data given in the simple interest formula.

## The correct answer is: 142.4

### Simple interest, I = PRT

P=£356, r=8%= 0.08 and t= 5 years. Substituting the values, we get:

I = 356 × 0.08 x 5 = £ 142.4

### Related Questions to study

### Fred borrows £420 from a person at 2.8% per annum and promises to pay it back in 3 years. Determine the total amount to be paid back by him.

>>>Simple Interest =

>>> Simple Interest = 35.28.

>>>Therefore, the total amount that he should return = Simple Interest + Principal Amount.

= 420 + 35.28

= 455.28

### Fred borrows £420 from a person at 2.8% per annum and promises to pay it back in 3 years. Determine the total amount to be paid back by him.

>>>Simple Interest =

>>> Simple Interest = 35.28.

>>>Therefore, the total amount that he should return = Simple Interest + Principal Amount.

= 420 + 35.28

= 455.28

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>>>

>>>

>>>Principal amount =

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>>>

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>>> .

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>>> .

>>> Rate of interest =

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