Fill in the blanks to make the statement true: Interest = (P × R × T)/100, where T is R % is and P is __________

Answer:

Interest = (P × R × T)/100, where

T is

R % is and

P is Principal.

Example: Interest on ₹ 12500 at 18% per annum for a period of 2 years and 4 months is ₹ 5250.

  • Principal= ₹ 12500
  • Time = 2 years 4 months = (2 + (4/12)) = (2 + (1/3)) = 7/3 year
  • Rate = 18%

Then, we know the formula of Simple interest (I)

I = (P × R × T)/100

I= (12500 × 18 × (7/3)) /100

I = ₹ 5250

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