Question

Calculate the simple interest. $100 at 6.3% for 3 years

Answer 1

• Simple Interest is of $18.9

Explanation:

Here we have been clearly given with Principal, time period and rate of interest.

• Principal (P) = $100
• Rate (R) = 6.3%
• Time (T) = 3 years

We have to calculate the simple Interest.

As we know that simple Interest is calculated by the formula :

• 
  `\pink{\boxed{\sf{S.I. \: = \: (P * R * T)/(100)}}} \: \bigstar`

Where,

• S.I. is simple Interest
• R is rate of interest
• T is time

★ Putting the values :

`: \: \implies\sf{S.I. \: = \: (100 * 6.3 * 3)/(100)} \\ \\ : \: \implies\sf{S.I. \: = \: (100 * 63 * 3)/(100 \: * \: 10)} \\ \\ : \: \implies\sf{S.I. \: = \: (100 * 63 * 3)/(1000)} \\ \\ : \: \implies\sf{S.I. \: = \: \frac{ \cancel{100} * 63 * 3}{ \cancel{1000}}} \\ \\ : \: \implies\sf{S.I. \: = \: (1* 63 * 3)/(10)} \\ \\ : \: \implies\sf{S.I. \: = \: (63 * 3)/(10)} \\ \\ : \: \implies\sf{S.I. \: = \: (189)/(10)} \\ \\ : \: \blue{\implies\bf{S.I. \: = \: 18.9 }}`