If a sum of ₹550 is borrowed for 3.5 years at an annual interest rate of 12%, find the simple interest (in ₹).
231
Simple interest = \(\frac{P \times R \times T}{100}\).
SI = \(\frac{550 \times 12 \times 3.5}{100} = \frac{23100}{100} = 231\)
Hence, the answer is 231.
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Important Questions from Simple Interest
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P borrowed an amount from Q at a simple interest of 10% p.a. At the end of the year, P paid back Rs 99000 which was 90% of what she owed. How much money did P borrow?
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