alculate the simple interest on \( R 1200 \) at \( 7 \% \) pa, for 3 years \( =\frac{1 n}{190} \) \( = \) principal amount, \( r= \) time (number of years), \( r= \) rate of

To calculate the simple interest, you can use the formula: \[ \text{Simple Interest} = \frac{P \times r \times t}{100} \] Plugging in your values, you have \( P = 1200 \), \( r = 7 \), and \( t = 3 \). So: \[ \text{Simple Interest} = \frac{1200 \times 7 \times 3}{100} = \frac{25200}{100} = R 252 \] So, the simple interest on R 1200 at 7% per annum for 3 years is R 252! Now, did you know that simple interest has been around for centuries? In ancient civilizations like Mesopotamia and Babylon, traders would charge interest on borrowed grain or other products, effectively making simple interest a foundational concept in early economies! As for real-world applications, simple interest is commonly used in various financial scenarios such as calculating interest on personal loans, car loans, or short-term investments. It's straightforward and helps borrowers and lenders quickly understand how much interest will accrue over a certain period!