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Find the simple interest and the amount when principal = ₹ 1500, rate = 12% p.a. and time = 3 years 3 months.

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Given: – P = ₹ 1500, R = 12% p.a. and

Time = 3 years 3 months

We know that, 1 year = 12 months

∴ 3 years 3 months = (39/12) = (13/4)

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

SI = (P × R × T)/100

= (1500 × 12 × (13/4))/ 100

= 1500 × 12 × (13/4) × (1/100)

= (1500 × 12 × 13 × 1)/ (4 × 100)

= (15 × 3 × 13 × 1)/ (1 × 1)

= (15 × 3 × 13 × 1)

= ₹ 585

Amount = (principal + SI)

= (1500 + 585)

= ₹ 2085

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