Question

Simple Interest-

Find the Simple Interest to the nearest cent.
$300 at 15% for 14 months.

Answer 1

Question -:

Find the Simple Interest at $300 at 15% for 14 months.

Explanation -:

Given :

Principal = $300

Time = 14 months = 1 years 2 months = 1
`(2)/(12)` = 1
`(1)/(6)` years =
`(7)/(6)` years

Rate of interest = 15% p.a.

Need to find:

• Simple Interest

Solution :

We know,

`\blue{ \small\boxed{ \rm \orange{ SI = (P×R×T)/(100)}}}`

substituting the values we get

`\small\sf{ SI = \frac{3 \cancel{00}× \cancel{15} \: \: 5×7}{ \cancel{6} \: \: 2×1 \cancel{ 00}} = (105)/(2) = 52.5}`

SI = $52.5