Question

Find simple interest on Rs 1000 for 2 years at 8% per annum

Answer 1

Simple interest is Rs 160 on Rs 1000 for 2 years at 8% per annum.

Given:

• Rs 1000 for 2 years at 8% per annum

To find:

• Find simple interest.

Solution:

Formula to be used:

Simple interest:$\bf \frac{P \times R \times T}{100}$

here,

P: principle amount

R: rate per annum

T: time in years

Step 1:

Write the terms used in formula.

P: principle amount= 1000 Rs

R: rate per annum=8%

T: time in years=2 years

Step 2:

Calculate simple interest.

$SI = \frac{1000 \times 8 \times 2}{100}$

or

$SI = 10 \times 8 \times 2$

or

$\bf SI = 160 \: Rs$

Thus,

Simple interest is Rs 160/-.

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