Question

Let us determine the interest of ₹ 2000 at the rate of simple interest of 6% per annum from 1st January to 26th May, 2005.

December 26, 2023

Answer

Principal (P) = ₹ 2000

Rate (r) = 6%

No. of days from 1st January to 26th May 2005.

Time =31+28+31+30+25

= 146 days = $\frac{146}{365}$ = $\frac{2}{5}$ years

Simple Interest (I) = $\frac{\text { Prt }}{100}$

= ₹ $\frac{2000 \times 6 \times \frac{2}{5}}{100}$ = ₹ 48

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