Question

Find the simple interest and the amount when principal = ₹ 6400, rate = 6% p.a. and time = 2 years.

Answer 1

Given: – P = ₹ 6400, R = 6% p.a. and time = 2 years.

If interest is calculated uniformly on the original principal throughout the loan period, it is called simple interest.

SI = (P × R × T)/100

= (6400 × 6 × 2)/ 100

= (64 × 6 × 2)/ 1

= ₹768

Amount = (principal + SI)

= (6400 + 768)

= ₹ 7168