Question

Find simple interest when p=1600, r=7.5%, time=21 feb 2003 to 12 april 2003

Answer 1

Principal = Rs 1600
Rate of interest per annum = 7%.
So, the interest for 12 months = 7% $\times$ 1600 = $\frac{7}{100}\times 1600$ = Rs 112. $\to$ Interest for 365 days( considering 1 year = 365 days) = Rs 112.
Now the time period = 12.4.2003 - 21.2.2003 = 50 days.
Hence, the interest for 50 days = $\frac{112}{365}$ * 50 = Rs 15.34