Question
Download Solution PDFFind the simple interest on ₹2,700 for 8 months at 5 paise per rupee per month.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principle = Rs. 2700
Time = 8 months = 8/12 year = 2/3 year
Rate of interest = 5 paisa per month = 5 × 12 paisa per year = 60 paisa per year = 60 %
Formula used:
SI = PRT/100
Calculation:
SI = (2700 × 60 × 2) / (100 × 3)
⇒ 9 × 120
⇒ 1080
∴ The SI will be Rs. 1080.
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