Question 78

Find the Simple Interest on Rs.5000 at 6.25% per annum from $$5^{th}$$ February 2017 to $$19^{th}$$ April 2017.

Solution

Always remember that the day on which money is deposited is not counted while the day on which money is withdrawn is counted.

So lets calculate the number of days now,

Time = (23+31+19) days = $$\frac{73}{365}$$ years = $$\frac{1}{5}$$ years

P = 2000

R = 25/4%=6.25%

$$SI=\frac{P\times(R)\times(T)}{100}$$

$$SI=\frac{5000\times(6.25)\times(\frac{1}{5})}{100}$$

$$SI={50\times1.25}$$

$$SI={62.5}$$

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