Question

find the simple interest on Rs 10000 for 3 years 5%p.a simple interest
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Answer 1

Answer:

Refer to the given attachment.

Answer 2

The simple interest on the given amount is Rs 1500.

Given,

An amount of Rs 10000 is kept for 3 years at an interest of 5% p.a.

To Find,

The simple interest on the given amount.

Solution,

Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. Simple interest does not compound, meaning that an account holder will only gain interest on the principal, and a borrower will never have to pay interest on interest already accrued.

The formula for calculating the simple interest is

S.I = P*R*T/100

where P is the principal amount = 10000

R is the rate of interest = 5

T is the time interval = 3 years

S.I = 10000*5*3/100

S.I = Rs 1500

Hence, the simple interest on the given amount is Rs 1500.

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