Question
A sum, when invested at 10% simple interest per annum, amounts to ₹3360 after 2 years. What is the simple interest (in ₹) on the same sum at the same rate of interest in 1 year?
The correct answer is
280
\(P=\frac{3360}{1.2}=2800;\quad SI=2800(0.1)=280\)
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Important Questions from Simple Interest
- How long will it take for ₹1,500 to become ₹2,040 at a rate of 8% per annum simple interest?
- Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 5.5 years at 12% per annum rate of interest.
- Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 4.5 years at 8% per annum rate of interest.
Find the simple interest (in ₹) if a sum of ₹400 is borrowed for 5.5 years at 4% per annum rate of interest.
- Find the simple interest (in ₹) on ₹1,200 at an interest rate of 3% per month for 11 months.
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