Question 59

What is the simple interest on a principal of ₹16,000 for 3 years at the rate of 10% per annum?

Solution

principal = P = ₹16,000

rate of interest = R = 10% per annum

time = T = 3 years

Simple interest = $$\frac{P\times R\times T\ }{100}$$

= $$\frac{16000\times10\times3\ }{100}$$

= $$160\times10\times3\ $$

= ₹4,800

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