Question

A man borrowed Rs. 15000 at the rate of 8% per annum for 4 years. Find the simple interest.

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Answer 1

Given:

• Principal = Rs. 15000
• Rate = 8 %
• Time = 4 years

What To Find:

We have to simple interest.

Formula used:

$\sf{Simple\:Interest = \dfrac{PRT}{100}}$

Solution:

Using the formula,

⇒ $\sf{Simple\:Interest = \dfrac{PRT}{100}}$

Substitute the value,

⇒ $\sf{Simple\:Interest = \dfrac{15000 \times 8 \times 4}{100}}$

Cancel the zeros,

⇒ $\sf{Simple\:Interest = 150 \times 8 \times 4}$

Multiply the numbers,

⇒ $\sf{Simple\:Interest = Rs.\:4800}$

∴ Therefore the simple interest is Rs. 4800.