(1) If at a certain rate, the interest on a principal of Rs 12,000 for one year is Rs 720, then, what will be the interest on the same principal in 5 years?

(2) The interest on Rs 15,000 after 2 years at a rate of 11 p.c.p.a is Rs 3,300. What will be the interest on the same principal at the same rate after 6 years?

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Solution

(1) Interest for one year = Rs 720
Because the principal remains the same and the period increases by five times (from 1 year to 5 years), interest also increases by five times.
∴ Interest after 5 years = Rs 720 × 5 = Rs 3600

(2) Interest for two years = Rs 3300
Because the principal remains the same and the time period increases by three times (from 2 years to 6 years), interest also increases by three times.
∴ Interest after 6 years = Rs 3300 × 3 = Rs 9900

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