Question

Find out the amount on Rs 13000 for 1 year at 2% rate of interest per annum

Answer 1

S.I = P * R * T /100

    = 13000 * 2 * 1 /100

    = 26000/100

    = 260 ₹

AMOUNT = S.I + P

                 = 260 + 13000

                 = 13260 ₹

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Answer 2

The required amount is Rs 15680

Explanation:

The formula for simple interest is given below:

$SI=P\times R\times T$

Where SI is the Simple Interest.

P is the Principle

R is the Rate

T is the Time.

Also, Amount = SI + P

We are given:

Principle(P) = Rs 13000

Time(T)= 1 year

Rate(R)=2%

$R=\frac{2}{100}\\\\R=0.02$

So, Now substituting the known value:

$SI=13000\times 1\times 0.02\\SI=2680$

$Amount = SI + P\\Amount = 2680+13000\\Amount =15680$

Learn More:

The ratio of difference between compound interest and simple interest and simple interest for 3years

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