What will be the Simple Interest after 5 years if 15000 is deposited in a bank at 6% simple interest rate?
Simple interest = P x r x t
P = Principal
r = Interest rate given as %, is written as r/100
t = Time in years
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Answer:
S.I = PRT/100
P=15000
R=6%
T= 5years
by using S.I Formula
prt/100
15000×6×5 / 100
450,000 /100
4,500 is your answer
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