What is the Interest on Rs 12000 for 1 month at the rate of 10 % per annum?
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Given :
- Principal = 12000
- Rate = 10%
- Time = 1 month
To find :
- Simple Interest
Solution :
Before, finding the answer. Let's find out on how we can find the answer.
To find the Simple Interest by using the formula of :
Where,
- P = Principal
- R = Rate
- T = Time
- Here, we have to first multiply the Principal, Rate and Time.
- Then, we must divide it by 100.
We know that,
Hence, Simple Interest is Rs. 100.
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Learn More :
- Simple Interest = Simple interest is the method of calculating interest charged on the amount invested in a fixed deposit.
- Principle = The principal is the amount due on any debt before interest, or the amount invested before returns
- Rate = An interest rate is the percentage of principal charged by the lender for the use of its money
- Time = Time is duration (in months or years) in Simple Interest
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