Find the simple interest (in ₹) on ₹2,000 at 7% per annum rate of interest for the period from 3 February 2023 to 17 April 2023.
28
Count the days from 3 February 2023 to 17 April 2023 (excluding the starting day as per convention).
Remaining days in February = 28 − 3 = 25 days; March = 31 days; up to 17 April = 17 days.
Total days = 25 + 31 + 17 = 73 days.
Time in years = \(\dfrac{73}{365}=\dfrac{1}{5}\) year.
Simple interest = \(\dfrac{P\times R\times T}{100}=\dfrac{2000\times7\times\frac{1}{5}}{100}\).
= \(\dfrac{2000\times7}{100\times5}=\dfrac{14000}{500}=28\).
Hence, the simple interest is ₹28.
Important Questions from Simple Interest
Anil lent a sum of Rs. 5,000 on simple interest for 10 years in such a way that the rate of interest is 6% per annum for the first 2 years, 8% per anmum for the next 2 years and 10% per annum beyond 4 years. How much interest (in Rs.) will he earn at the end of 10 years?
What will be the simple interest on a sum of Rs. 12000 at the rate of 15 percent per annum for three years ?
If in 13 years fixed sum doubles at simple interest, what will be the interest rate per year? (correct to two decimal places)
On simple interest a sum of Rs. 640 becomes Rs. 832 in 2 years. What will Rs. 860 become in 4 years at the same rate of simple interest?
A certain sum amounts to Rs. 81840 in 3 years and to Rs. 92400 in 5 years at x% p.a. under simple interest. If the rate of interest is becomes (x + 2)%, then in how many years will the same sum double itself?
