Question

find the interest on ₹24000 invested at 12% p.a for 4 years, find the payable amount at the end of the period?​

Answer 1

➤ Given :-

Invested Amount :- ₹ 24000

Rate of interest :- 12%

Time :- 4 years

➤ To Find :-

Interest and payable amount on the given sum.........

➤ Formula required :-

Simple Interest :-

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

Payable Amount :-

$\large\tt \dashrightarrow \orange{ \boxed{ \gray{ \tt Simple \: Interest + Investment}}}$

➤ Solution :-

Interest obtained :-

$\tt \longrightarrow \dfrac{24000 \times 12 \times 4}{100}$

$\tt \longrightarrow \dfrac{ \cancel{24000} \times 12 \times 4}{ \cancel{100}} = \boxed { \tt 240 \times 12 \times 4}$

$\tt \longrightarrow288 \times 4 = \boxed { \tt 1152}$

Now,

Payable Amount :-

$\tt \longrightarrow1152 + 24000$

$\tt \longrightarrow \sf rs \tt \: \: 25152$

$\Huge\therefore$The simple Interest is ₹ 1152 and payable amount is ₹ 25152.

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

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More to know...............

• The simple interest is used all over the world. It is used to calculate the extra amount given from borrower to lender. It is used when a person borrows or invests the money in their banks.
• The principle amount is the amount invested at first from the person to bank.
• The rate of interest is the extra amount given from bank, which is always written in percentage form.
• The time is given for borrowers to invest the money in bank, and at which date they will get amount.