Question

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

Answer 1

Step-by-step explanation:

[ 1000 × 2 × 3 1/100

2000×3/100

20 × 3

₹60

Answer 2

Answer:

Simple interest over three years is $Rs. 60$

Step-by-step explanation:

Given that:

The principal amount is $Rs. 1000$

Time is $2$ years

Rate of interest is $3$%

We need to find the simple interest over this period of time i.e. $2$ years.

To calculate the simple interest, we know that the formula is :

$SI=\frac{Prt}{100}$

Where SI denotes simple interest

P denotes the principle amount

r denotes the rate of interest

t denotes time of investment

Therefore, $SI=\frac{1000*2*3}{100}$

$=\frac{2000*3}{100}\\\\=20*3\\ =60$

Hence, the Simple interest over three years is $Rs. 60$.

Simple interest:

Simple interest is calculated on a loan's principle amount or the first deposit into a savings account.

Simple interest does not compound, thus the owner of the account will only receive interest on the principal and the borrower will never be required to pay interest on interest that has already accumulated.