Question

If principal = Rs 2000, Rate of interest = 5% per annum and time = 5 years find the
simple interest​

Answer 1

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Answer 2

Given :-

• Principal = Rs,2000
• Rate of Interest = 5% p.a
• Time = 5years

To Find :-

• Simple Interest

Solution :-

❍ As we know that Simple Interest is given by [ Simple Interest = P × R × T / 100 ] where P , R and T stands for Principal, Rate and Time respectively.

Putting the Values :

⟾ Simple Interest = P × R × T / 100

⟾ Simple Interest = 2000 × 5 × 5 / 100

⟾ Simple Interest = 20 × 5 × 5

⟾ Simple Interest = 20 × 25

⟾ Simple Interest = Rs,500

Thus, Simple Interest = Rs,500

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★ Additional Info :

• Principal: The money which we deposit in or the lower from the bank or the money learned called the principal.
• Rate of interest: The interest paid on Rs, 100 for one year is called the rate per cent per year or rate per cent per annum.
• Time: The period of time for which the money is lent or invested.
• Interest: Additional money paid by the borrowed to the lender for using the money is called interest.
• Simple Interest: If the interest is calculated uniformly on the original principal throughout the lone period, it is called simple interest.
• Amount: The total money paid back to the lender is called the amount.

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