Question 60

Find the simple interest on $$₹ 74,000$$ at $$18\frac{2}{3}\%$$ per annum for a period of 8 months?

Solution

Given, Principal amount (P) = $$₹ 74,000$$

Rate of interest (R) = $$18\frac{2}{3}\%$$ per annum

= $$\frac{56}{3}\%$$ per annum

= $$\frac{56}{3\times12}\%$$ per month

Time (T) = 8 months

$$\therefore\ $$Simple Interest = $$\frac{PTR}{100}=\frac{74000\times8\times56}{100\times3\times12}=₹ 9208.88$$

Hence, the correct answer is Option C

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