Question

3. Principal = 1500, rate = 12% p.a. and time = 3 years 3 months
​

Answer 1

➤ Given :-

Principle :- ₹ 1500

Rate of interest :- 12%

Time :- 3 years 3 months

➤ To Find :-

Simple Interest on the given sum…………

➤ Formula required :-

$\large \tt \dashrightarrow \orange{ \boxed{ \tt \gray{ \dfrac{P \times R \times T}{100} }}}$

➤ Solution :-

In time, we should convert the month into years

1 month = $\tt\dfrac{1}{12}$ years

3 months = $\tt\dfrac{3}{12} = \dfrac{1}{4}$

Total time = $\tt 3 \: \sf years + \tt \dfrac{1}{4}$ years = $\tt 3 \dfrac{1}{4}$ or 3.25 years.

Now,

Simple Interest :-

$\tt \longrightarrow \dfrac{1500 \times 12 \times 3.25}{100}$

$\tt \longrightarrow \dfrac{ \cancel{1500} \times 12 \times 3.25}{ \cancel{100}} = \boxed{ \tt 15 \times 12 \times 3.25}$

$\tt \longrightarrow \sf rs \tt \: 585$

$\Huge\therefore$The answer is ₹ 585.

━━━━━━━━━━━━━━━━━━━━━━━

$\dashrightarrow$Some related formulas :-

Principle :- $\boxed{\tt\dfrac{SI \times 100}{R \times T}}$

Rate of interest :- $\boxed{\tt\dfrac{SI \times 100}{P \times T}}$

Time :- $\boxed{\tt\dfrac{SI \times 100}{P \times R}}$

━━━━━━━━━━━━━━━━━━━━━━━

More to know…………

• Simple interest is a method to calculate the extra amount for loan. It is used when a person borrows some money from a bank or a person. The borrower has to give some interest to the lender after the time given.
• Principle is the money borrowed from the lender. It is the amount given at first.
• Rate of interest is the extra amount to be given as interest. It will be always written in percentage form.
• Time is given for the borrower to return back the money after the period of time.