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Find Out The Simple Interest Paid For A Sum Of Rs. 4000 At The Rate Of 8% Per Annum For 3 Months? |
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Answer» The simple interest formula is Interest = PRINCIPAL × Rate × Time I = P×R×T Where: 'Interest' is the TOTAL amount of interest paid, 'Principal' is the amount LENT or borrowed, 'Rate' is the PERCENTAGE of the principal charged as interest each year. The rate is expressed as a decimal fraction, so percentages MUST be divided by 100. 'Time' is the time in years of the loan. S.I = P×R×T S.I. = Rs. 4000 * 8% * 3 months S.I. = 4000* 8 /100 * 3/12 S.I. = 80. The simple interest formula is Interest = Principal × Rate × Time I = P×R×T Where: 'Interest' is the total amount of interest paid, 'Principal' is the amount lent or borrowed, 'Rate' is the percentage of the principal charged as interest each year. The rate is expressed as a decimal fraction, so percentages must be divided by 100. 'Time' is the time in years of the loan. S.I = P×R×T S.I. = Rs. 4000 * 8% * 3 months S.I. = 4000* 8 /100 * 3/12 S.I. = 80. |
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