Question

How much simple interest is earned on Rs. 300 deposited for 30 months in a savings account paying 7 3/4% simple interest annually ​

Answer 1

Step-by-step explanation:

the formula for simple interest =P*R*T/100

principle=Rs.300

rate=7.75%

time=30months=2years and 6 months = 2.5years

substitute the values

300×7.75×2.5/100=58.125

so the simple interest earned is Rs.58.125

Answer 2

Given:

The Amount deposited = Rs. 300

Number of months = 30

Rate of interest = $7\frac{3}{4}$

To find:

The simple interest earned.

Formula to be used:

Simple Interest , SI = $\frac{PNR}{100}$

Solution:

We can calculate the simple interest using the following formula,

SI = $\frac{PNR}{100}$

P is the principle amount , N is the number of years and R is the rate of interest.

P = Rs. 300

N = $\frac{30}{12}$ years

R = $\frac{31}{4}$

SI = $\frac{300(30)(31)}{100(12)(4)}$

SI = $\frac{30(31)}{16}$

SI = $\frac{930}{16}$

SI = Rs. 58.125

Final answer:

The simple interest earned was Rs. 58.125