Question

Jaimin takes Rs 10000 at 12% per year as rate of interest, for 2 year. How much interest he
has to pay at the end of two years ?​

Answer 1

Answer:

24000

Step-by-step explanation:

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Answer 2

Answer:

Formula For The Simple Interest

Let the principal amount be equal to P. Let the rate at which the interest is levied is equal to R% per annum (per year). let the time for which the amount is lent = T years. Then we can write:

Simple Interest = [{P×R×T}/100]

We can also calculate the Principal amount as P = [{100×(Simple Interest)}/(R×T)].

Similarly, we can write the time T as equal to T = [{100×(Simple Interest)}/P×R].

Now let us solve some examples to get acquainted with these formulae.

Example 1: Find the simple interest on Rs. 68,000 at 16(2/3)% per annum for a period of 9 months?

A) Rs. 8500 B) Rs. 3200 C) Rs. 2100 D) Rs. 4300

Answer: Here, P = Rs. 68000, R = 50/3% per annum and T = 9/12 years = 3/4 years. Note that the time has been converted into years as the rate is per annum. The units of rate R and the time T have to be consistent. Now using the formula for the simple interest, we have:

S.I. = [{P×R×T}/100]; therefore we may write: S.I. = Rs. [68000×(50/3)×(3/4)×(1/100)] = Rs. 8500.

Step-by-step explanation:

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Sahil Dave.