Question

Find simple interest of ₹1000 kept for 2 years at 3% of rate of interest

Answer 1

Answer:

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• Given that ,

Principal = ₹1000

Time = 2 yrs

Interest = 3%

• To find :- Simple Interest

=> SI = ( P × R × T ) / 100

Where ,

SI denotes Simple Interest

P denotes Principal amount

R denotes Rate of Interest

T denotes Time of investment

Therefore ,

=> 1000 × 3 × 2 / 100

=> 2000 × 3/100

=> 20 × 3

=> 60

Therefore , Simple Interest = 60 .