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Question

Fill in the blanks to make the statement true: Interest on ₹ 3000 at 10% per annum for a period of 3 years is ________.


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Solution

Given,

principle amount p=3000

rate of interest r=10%

the time period in years t=3

We need to calculate the interest

To find the interest we use the 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

Interest=3000×10×3100=300×1×31=300×3=900.

Hence, Interest on ₹ 3000 at 10% per annum for a period of 3 years is ₹ 900


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