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Interest

The simple in...

Question

The simple interest for $2$ years and $8$ months at the rate of $5.5 %$ is and the amount is __ .

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Solution

$\begin{matrix} L e t a m o u n t b e 100 R s . S i m p l e i n t e r e s t i n 1 y e a r = \frac{5.5}{100} \times 100 = 5.5 S I f o r 1 m o n t h = \frac{5.5}{12} S I f o r 32 m o n t h = \frac{5.5}{12} \times 32 = 14.67 R s \end{matrix}$

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