Question

Find the SI on a sum of ₹ 56000 , at the rate of interest 5% p.a. for 7 years​

Answer 1

Step-by-step explanation:

Principal = ₹56000

Rate = 5%

Time = 7 years

Simple Interest = $\frac{P×R×T}{100}$

SI = $\frac{56000 × 5 × 7}{100}$

= ₹ 19,600

Answer 2

$\mathfrak{Solution-:}$

Given-:

• Principal (P) = Rs. 56000
• Rate (R) = 5% p.a.
• Time (T) = 7 years

To Find-:

• Simple Interest (S.I) = ?

Using Formula-:

$\bigstar \:  \underline{ \boxed{ \mathrm{  {S.I \:  = \:   \frac{P × R × T}{100} } \\  \\ }}}$

Where,

★ P denotes Principal

★ R denotes Rate

★ T denotes Time

Calculation-:

$\: \boxed{ \mathrm{  {S.I \:  = \:   \frac{P × R × T}{100} } \\  \\ }} \\ \\ \sf \: \implies \: \frac{560 \cancel{00} \times 5 \times 7}{1 \cancel{00} } \: \: \: \: \: \: \\ \\ \sf \: \implies \: 560 \times 5 \times 7 \: \: \: \: \: \: \: \: \: \: \: \: \\ \\ \sf \: \implies \: 2800 \times 7 \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \\ \\ \sf \: \implies \: \boxed{ \sf \: Rs. 19600} \: \: \: \: \: \: \: \: \: \: \: \:$

Hence, Simple Interest (S.I) = Rs. 19600.

$\rule{200pt}{4pt}$

MORE TO KNOW-:

★ Principal-: The money you borrow is known as Principal.

★ Interest-: For keeping the money for sometime the borrower has to pay some extra money which is known as Interest.

★ Time Period-: The Period for which the money is borrowed is known as Time Period.

★ Amount-: Total money paid by the borrower to the lender is known as Amount.

• Amount = Principal + Interest

★ Rate of Interest is generally given in percent per year.

★ Simple Interest-: If the Principal remains the same for the entire loan period, then the Interest paid is called Simple Interest (S.I).

$\bullet \: \displaystyle \: \mathfrak{Simple Interest (S.I) \: = \: \frac{P × R × T}{100} }$