Question

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

Answer 1

Answer:

60

Step-by-step explanation:

Interest = P × R × T/100

P = Principle which is ₹1000

R = Rate which is 3%

T = Time which is 2 years

1000×3×2/100

Solution = 60

Answer 2

Answer:

Total interest he has to pay is Rs 60.

total amount he has to pay after 3 years is Rs 1060.

Explanation:

Simple interest is calculated by dividing the product of principal, rate and time by 100.

In simple interest, the creditor has to pay interest on the principal and it remains same for every year while in compound interest the creditor has to pay the interest on the Principal for the first year amd then interest gets compounded every year.

Simple interest =

$\frac{(p \times r \times t )}{100}$

Principal = rs 1000

time = 2 years

rate of interest = 3%

Now, we will substitute the values in the above formula,

Simple interest =

$\frac{1000 \times 2 \times 3}{100} = \frac{6000}{100} = 60$

Simple interest = Rs 60.

total amoumt he has to give after 3 years = Principal + Simple interest

total amount = 1000 + 60

total amount he has to pay is Rs 1060.