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Question

Fill in the blanks to make the statement true: Interest on 12500 at 18% per annum for a period of 2 years and 4 months is ________


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Solution

Find the interest amount based on given information

Given, principle amount p=12500

rate of interest r=18%

the time period in years,

t=2years4months=2+412=2+13=73years

We need to calculate the interest, so to find the interest we use the below formula,

Interest=p×t×r100

where, p is the principle amount

t is the time period

r is the rate of interest

By using the above formula, we get,

Interest=12500×18×73100=125×18×73=125×6×7=5250.

Hence, interest on 12500 at 18% per annum for a period of 2 years and 4 months is 5250.


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