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Question

How do you calculate simple interest in months?


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Solution

Explanation of how to calculate simple interest in month :

Formulaofsimpleinterest(S.I)=P×R×T100Where,P=PrincipalR=RateofInterestin%perannumT=Timeinyears

To convert T ( in years ) into months

We know ,

12months=1year1month=112years

Therefore, in place of T we will put T12in S.I formula to calculate in months

Hence,FormulaofS.Iinmonths=P×R×T100*12Where,P=PrincipalR=RateofInterestin%perannumT=Timeinmonths

Hence, the simple interest in months is calculated by using this formula P×R×T100×12


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