Answer :
Final answer:
The simple profit on Tk 7000 at a 5% simple interest rate over 3 years is Tk 1050, calculated by multiplying the principal amount with the interest rate and the time period.
Explanation:
To understand simple profit and interest calculations, we'll use examples to make the concept clearer. In the first example, assuming the principal amount is $5,000 with an interest rate of 6% per annum over three years, we use the simple interest formula: Interest = Principal × Rate × Time. Hence, the interest accrued would be $5,000 × 0.06 × 3 = $900.
In the second example, you want to find the rate charged for a $10,000 loan that earned $500 in simple interest over five years. We rearrange the simple interest formula Rate = Interest / (Principal × Time) to find that the rate is $500 / ($10,000 × 5) = 0.001 or 0.1% per annum.
The original question about the simple profit on Tk 7000 for 3 years at 5% simple interest rate can be calculated similarly. The simple interest is Profit = Tk 7000 × 5% × 3 = Tk 1050.
Learn more about Simple Interest here:
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