Question

Find the simple interest on Rs 1000 for 6 months at the rate of 5 paise per rupee per month.

Answer 1

The simple interest on ₹ 1000 for 6 months at the rate of 5 paise per rupee per month is ₹ 300.

Concept used :

• We have to convert the rate of interest in rupees by dividing it by 100.
• We can write 1 paise = $\frac{1}{100}$ rupee
• 1 paise = 1% of a rupee
• Remember that the principal and the rate of interest both must be in rupees or in paise.

Formula used:

Simple interest (I):

The interest paid on the original sum of money borrowed or invested.

$S . I=\frac{(P \times R \times T)}{100}$

Given:

Principal (P) = ₹ 1000

Time (T) = 6 months

Rate of interest (R) = 5 paise per rupee per month

$R=\frac{5}{100}$ ₹ per month

R = 5% Per month

To find:

The simple interest

Solution:

Step 1: Substitute the given values in the formula:

$S . I=\frac{(P \times R \times T)}{100}$

$S . I=\frac{1000 \times 5 \times 6}{100}$

S.I = 10 × 30

S.I = ₹ 300

Simple interest = ₹ 300

Hence, the simple interest on ₹ 1000 for 6 months at the rate of 5 paise per rupee per month is ₹ 300.

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