Question

Find simple interest on $₹648$ for $8$ months at $16\frac{2}{3}\%perannum$.

Also find amount.

Answer 1

Principal (P) = $₹648$

Time (T) = $8months=\frac{8}{12}years=\frac{2}{3}years$

Rate of interest (R) = $16\frac{2}{3}\%=\frac{50}{3}\%$

Simple interest (I) = $\frac{P\times R\times T}{100}$

= $₹\frac{648\times {\displaystyle \frac{50}{3}}\times {\displaystyle \frac{2}{3}}}{100}=₹\frac{648\times 50\times 2}{100\times 3\times 3}=₹72$

Hence, Amount = $P+I$

= $₹648+₹72=₹720$