Question 100

Find the total Simple Interest on Rs.500 at 7% per annum, on Rs.700 at 10% per annum and on Rs.1000 at 4% per annum 0 for 3 years.

Solution

We know that S.I = P × T × R/100 where S.I = Simple Interest

⇒ S.I1 = 500 × 1 × 7/100 = Rs.35

⇒ S.I2 = 700 × 1 × 10/100 = Rs.70

⇒ S.I3 = 1000 × 1 × 4/100 = Rs.40

∴ Total simple interest for 3 years = 3 (S.I1 + S.I2 + S.I3) = 3(35 + 70 + 40) = 3(145) = Rs.435

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