Question

Find the simple interest on₹3650from8th october 2010to08th April, 2011at 5% per annum.Also find the amount.​

Answer 1

Solution!!

The concept of simple interest has to be used here. The principal, rate of interest and time is given. We have to find the interest and the amount. The time is given in dates so we have to convert it into years.

Principal (P) = Rs 3650

Rate of interest (R) = 5%

Time (T) from 8th October 2010 to 8th April

So there are total 182 days

Time (T) = 182/365 years

Now we can use the interest formula to get the interest.

Interest = (P × R × T)/100

Interest = (3650 × 5 × (182/365))/100

Interest = (365 × 5 × (182/365))/10

Interest = (5 × 182)/10

Interest = Rs 91

We know the interest now. Let's find out the amount.

Amount = Principal + Interest

Amount = Rs 3650 + Rs 91

Amount = Rs 3741