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Question
Interest on ₹ 12500 at 18% per annum for a period of 2 years and 4 months is ______.
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Solution
Interest on ₹ 12500 at 18% per annum for a period of 2 years and 4 months is ₹ 5250.
Explanation:
From the question, it is given that,
Principal = ₹ 12500
Time = 2 years 4 months = `(2 + 4/12)`
= `(2 + 1/3)`
= `7/3` year
Rate = 18%
Then, we know the formula of Simple interest
`I = (P xx R xx T)/100`
`I = (12500 xx 18 xx 7/3)/100`
I = ₹ 5250
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