Biju deposited Rs. 5000 for 3 years for a rate of 8.5% Interest per annum. Calculate simple Interest for the period?a) Rs. 1150 b) Rs. 1200 c) Rs. 1250 d) Rs. 1275Options :ABCD
Question
Biju deposited Rs. 5000 for 3 years for a rate of 8.5% Interest per annum. Calculate simple Interest for the period?a) Rs. 1150 b) Rs. 1200 c) Rs. 1250 d) Rs. 1275Options :ABCD
Solution
The formula for calculating simple interest is I = PRT/100, where:
- I is the interest
- P is the principal amount (the initial amount of money)
- R is the rate of interest per annum
- T is the time the money is invested for in years
In this case, P = Rs. 5000, R = 8.5%, and T = 3 years.
Substituting these values into the formula gives:
I = 5000 * 8.5 * 3 / 100 = Rs. 1275
So, the correct answer is d) Rs. 1275.
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