Question

Sameer gave a loan of 55,000 to Deepak for a period of one year at 16% per annum compounded half
yearly. How much interest will he earn in a year?​

Answer 1

Answer:

Rs. 17,600

Step-by-step explanation:

Given:

✰ P = Rs 55,000

✰ R = 16%

✰ T = 2 years

( here P = principal, R = rate, T = time )

To Find:

• Simple Interest

Solution:

➩ Simple Interest = Principal × Rate × Time/100

➩ Simple Interest = P × R × T/100

Put the values in the formula,

➩ Simple Interest = 55000 × 2 × 16

100

➩ Simple Interest = 5500 × 2 × 16

➩ Simple Interest = 1100 × 16

➩ Simple Interest = Rs. 17,600

∴ Sameer earned Interest = Rs. 17,600