Question

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

Answer 1

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=(P* r* 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=(6000* 6* 4)/(100)`

`I=60* 6* 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.