Find the simple interest and amount when principal = Rs. 6000, rate = 6% per annum and time = 4 years

Question

Find the simple interest and amount when principal = Rs. 6000, rate = 6% per annum and time = 4 years

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Edana Edana 2 months 2021-07-23T00:04:29+00:00 1 Answers 0 views 0

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    2021-07-23T00:05:42+00:00

    Given:

    Principal = Rs. 6000

    Rate of simple interest = 6% per annum.

    Time = 4 years

    To find:

    The simple interest and amount.

    Solution:

    Formula for simple interest:

    I=\dfrac{P\times r\times t}{100}

    Where, P is principal, r is the rate of interest and t is the number of years.

    Putting P=6000, r=6 and t=4, we get

    I=\dfrac{6000\times 6\times 4}{100}

    I=60\times 6\times 4

    I=1440

    Now,

    Amount=Principal+Interest

    Amount=6000+1440

    Amount=7440

    Therefore, the simple interest is Rs. 7440 and the amount is Rs 7440.

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