Question

Find the simple interest and the amount when principal $=Rs.1500$, rate $=12\%p.a.$. and time $=3$ years $3$ months.

Answer 1

Step 1: Calculate the simple interest for the given data

Simple interest can be calculated using the formula,

$\mathit{S}\mathbf{.}\mathit{I}\mathbf{.}\mathbf{}\mathbf{=}\mathbf{}\frac{\mathbf{P}\mathbf{\times }\mathbf{R}\mathbf{\times }\mathbf{T}}{\mathbf{100}}$

Where, $S.I.$ is the simple interest, $P$ is the principal, $R$ is the rate of interest in percentage and $T$ is the time period

Thus,

$\begin{array}{rcl}S.I& =& \frac{15\cancel{00}\times {\displaystyle \stackrel{3}{\cancel{12}}}\times \left({\displaystyle \raisebox{1ex}{$13$}\!\left/ \!\raisebox{-1ex}{$\cancel{4}$}\right.}\right)}{1\cancel{00}}\\ & & \\ & =& Rs.585\end{array}$

Step 2: Calculate the amount corresponding to the principal and simple interest.

Total amount can be calculated using the formula,

$A=P+S.I.$

Where, $A$ is the amount

Thus,

$\begin{array}{rcl}A& =& 1500+585\\ & & \\ & =& Rs.2085\end{array}$

Hence, the required simple interest is $Rs.585$ and the amount is $Rs.2085$.