Question

Sunil kept Rs. 8700 in the bank for one year at the rate of 9 p.c.p.a. Calculate the interest he gets​

Answer 1

Answer:

Rs.783

Step-by-step explanation:

Sunil kept Rs. 8700 in the bank for one year at the rate of 9 p.c.p.a. He gets Rs. 783 as interest

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Answer 2

Concept

Normally, when a person lends money to a borrower, the borrower  has to pay an additional amount  to the lender. This extra money is called interest. This interest can be expressed in terms of the amount initially received by the borrower. When the interest on borrowing for a certain period is calculated uniformly, this is called simple interest or fixed amount

Given

We have given an amount of Rs. 8700 and the time 1 year and Rate 9 p.c.p.a

Find

We are asked to find the total interest.

Solution

We will solve this question by applying following formula.

Total interest $=\frac{P\times R\times T}{100}$    ....(1)

Putting P = 8700 , R = 9 , T=2 in equation (1), we get

$Interest=\frac{8700\times 9\times 1}{100} \\\\=\frac{78300}{100} \\\\=783$

Therefore , the total interest Sunil will get is Rs. 783

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