Mathematics

Grade-7

Easy

Question

# ______ is the simple interest earned by lending £1600 principal at 7% per annum over a period of 12 years.

- 1000
- 1344
- 1254
- 2514

Hint:

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

## The correct answer is: 1344

### P = £1600, R = 7%= 0.07, T =12

I = PTR

I = 1600 ×0.07 ×12 =£1344

>>>

>>>Simple Interest =

>>> Simple Interest = 1344.

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