Mathematics
Grade-7
Easy
Question
Paul borrows £330 from a bank at 0.5% per annum and agrees to pay it back in 2 years. Determine the total amount to be paid back by him.
- £200
- £300
- £333.3
- £327.6
Hint:
The formula for simple interest is 
. Make sure to convert the interest from percent to fraction before you substitute in the equation.
The correct answer is: £333.3
Simple interest, I = PRT
P=£330, r=0.5%= 0.005 and t= 2 years. Substituting the values, we get:
I = 330 × 0.005 x 2 = £ 3.3
Total amount, A = P+ PRT
A = 330 +3.3 = £333.3
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