Financial Maths, STD1 F1 2024 HSC 21 v1 Tom borrowed $2400 at 5% per annum. Calculate the simple interest for the first four months. (2 marks) --- 4 WORK AREA LINES (style=lined) --- Show Answers Only \(\$40\) Show Worked Solution \(\text{Interest}\) \(=Prn\) \(=2400\times 0.05\times \dfrac{4}{12}=\$40\)