Question

If you save $7 500 in a bank at a rate of 3% simple interest per year, how much interest will you earn after 5 years?

Answer 1

Answer:

$\large{\blue{\underline{\purple{\boxed{\mathfrak\blue{Interest \: earned = \ 1125 }}}}}}$

Question:-

If you save $7500 in a bank at a rate of 3% simple interest per year,how much interest will u earn after 5 years?

Given:-

• Principal (P) = $7500
• Rate of interest (r) = 3% p.a.
• Time(n) = 5 years.

To find:-

• Simple interest earned = ?

Solution:-

We know,

$\dag \: {\red{\boxed{\sf\green{Simple \: interest (SI) = Prn }}}}$

$\scriptsize\: \: \: \: \: \: \dag\sf\blue{(Putting \:all \: values \: :- )}$

$\rightharpoonup\sf SI = 7500 \times 3\% \times 5 \\\\\rightharpoonup\sf SI = 75\cancel{00} \times \dfrac{3}{1\cancel{00}}\times 5 \\\\\rightharpoonup\sf SI = 75 \times 3 \times 5 \\\\\rightharpoonup\sf SI = \large{\boxed{\sf\purple{\ 1125 }}}$

${\underline{\therefore{\text{Interest \: earned \: after \: 5 \: years = \ 1125 }}}}$

$\boxed{\begin{minipage}{5 cm}\sf{Some important formulas:- }\\\rm{ CA = P(1 + r)^n }\\\rm{ CI = CA - P }\\\rm{ SI \: on \: 1st \: year = CI \: on \: 1st \: year }\end{minipage}}$

Answer 2

$\large{\underline{\mathrm{\red{Question-}}}}$

If you save $7 500 in a bank at a rate of 3% simple interest per year, how much interest will you earn after 5 years?

$\large{\underline{\mathrm{\red{Answer-}}}}$

We'll earn $1125 after 5 years.

$\large{\underline{\mathrm{\red{Explanation-}}}}$

$\begin{lgathered}\bold{Given} \begin{cases}\sf{Time\:=\:5\:years} \\ \sf{Rate\:=\:3\:\%}\\ \sf{Principal\:=\ \:7500}\end{cases}\end{lgathered}$

To find :

• Simple interest.

Solution :

We know that,

$\large{\boxed{\rm{\green{Simple\:Interest\:=\:P\:\times\:R\:\times\:T}}}}$

Putting the values,

$\implies$ SI = $7500 × 3% × 5

⠀⠀⠀⠀

$\implies$ SI = 75 × 3 × 5

⠀⠀⠀

$\implies$ $1125

⠀⠀⠀⠀

$\therefore$ We'll earn $1125 after 5 years.

$\rule{200}2$

Simple interest: We can say that it is the interest which can be calculated by principal amount which is borrowed by any person. Or we can simply find it by multiplying principal amount, rate and time period.