Question
Download Solution PDFFind the simple interest (in nearest ₹) of ₹3000 for the period from 7 February 2024 to 8 April 2024 at 7% annual interest rate
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹3000
Rate (r) = 7%
Time (t) = From 7 February 2024 to 8 April 2024 = 61 days
Formula used:
Simple Interest (SI) = \(\dfrac{P \times r \times t}{100 \times 365}\)
Calculations:
SI = \(\dfrac{3000 \times 7 \times 61}{100 \times 365}\)
⇒ SI = \(\dfrac{3000 \times 7 \times 61}{36500}\)
⇒ SI = \(\dfrac{1281000}{36500}\)
⇒ SI = ₹35.1
∴ The simple interest is ₹35 (rounded to the nearest ₹).
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