Question

How much interest will be earned on 2000 at 6 % simple interest for two years ?

Answer 1

$6000 \times 6 \times 2 \div 100$
2400

Answer 2

Interest = PTR /100

where P = principle amount= 2000

          T = Time = 2yrs

          R= Rate of Interest = 6% per annum

So, (2000×2×6%) ÷ 100 = Rs.240