A person deposits 6400 rupees in a bank, which gives 12% interest. How much interest would he get after one month? What would be the interest for one month at 6%? What if it is 3%?

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Solution

Principal, P = Rs.6400

Rate of interest, R₁= 12%

Time, T = 1 month

Simple interest is given by the formula

Interest for the first month = Rs

= Rs.64

Rate of interest, R₂= 6%

Interest for the first month = Rs

= Rs.32

Rate of interest, R₃= 3%

Interest for the first month = Rs

= Rs.16

∴ Interest for one month at 12% = Rs.64

Interest for one month at 6% = Rs.32

Interest for one month at 3% = Rs.16

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