Question

Find the simple interest on Rs. 240000 at 15% p.a for a period of 8 months.
1. Rs. 24000
2. Rs. 22000
3. Rs. 26000
4. Rs. 28000

Answer 1

Correct Answer - Option 1 : Rs. 24000

GIVEN:

P = Rs. 240000

R = 15%

T = 8 months

FORMULA USED:

S.I = (P × R × T)/100

CALCULATION:

T = 8/12 years = 2/3 years

S.I = (240000 × 15 × 2/3)/100

⇒ S.I = (240000 × 10)/100 = Rs. 24000

∴ The interest is Rs. 24000

ALTERNATE SOLUTION:

Interest for 12 months = 15%

Interest for 8 months = (15/12 )× 8 = 10%

10% of 240000 = Rs. 24000

∴ The interest is Rs. 24000