Question

P = 60,000
N = 1½ year
R = 12%
Find - simple interest​

Answer 1

Answer:

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Answer 2

How to calculate simple interest?

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 $ 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.

Calculate Simple Interest

Formula to calculate Simple Interest?

If P denotes the principal ($), R denotes the rate (percentage p.a.) and T denotes time (years), then:-

S.I = (P × R × T)/100

R = (S.I × 100)/(P × T)

P = (S.I × 100)/(R × T)

T = (S.I × 100)/(P × R)

If the denotes the amount, then A = P + S.I

According to the question

P = 60000

P = 60000T = 1½ year

P = 60000T = 1½ year R = 12%

applying S.I = (P × R × T)/100

$\frac{60000 × 12 × 1.5 }{100}$

so the simple interest is 10800