Question

state different of simple interest and compound interest of Rs 3500 @ 7% of 3 year. ​

Answer 1

Answer:

$SI=  \frac{P×R×T}{100} </p><p>$

We are given a principle of Rs3500 and at a rate of interest of 7 p.a and time 2 years

Step2: We will use the formula to find the simple interest

SI = P×R×T100

Here P=Rs3500;

R=7p.a and

T=2years.

Substituting the values we get

⇒SI=3500×7×2100

⇒SI=49000100

On solving the expression we get

⇒SI=Rs490