Simple interest (I) is calculated by the formula below: Principal (P)=GH₵600.00 Convert the months to years. There are 12 months in a year 8 months =
8
12
=
2
3
years Total years (T)=2+
2
3
=
8
3
years Rate (R)=5 Cancel out Simple Interest =2×8×5=16×5=80