Question

Find the simple interest on $Rs.3,000$ at $16$% per annum for the period from $4th$ February $2010$ to $16th$ June $2010$

Answer 1

Here the principal is $P=Rs.3,000$, and the rate of interest $R=16$% p.a. However, we are not given time in years; we have only the period. $4thFebruaru2010$ to $16thJune2010$. We have to convert this to years.
Observe that
February $5th$ to $28th=24days(2010$ is not a leap year)
$March=31days$
$April=30days$
$May=31days$
$June=16days$
Adding, we get the total time is equal to $132days$. Converting this to years, $T=\frac{132}{365}years$. Now we have all the required data to apply formula:
$I=\frac{PTR}{100}=\frac{(3000\times 132\times 16)}{365\times 100}=173.58$.
Thus the interest is approximately $Rs.174$.