SIMPLE INTEREST-2

Krina deposited the amount of 16000/= in a bank which gives an interest rate of 3% for 4 years. Find the simple interest she got.

Solution

I = ?,  P = 16,000/=, T = 4 years, R = 3%

I  = PRT

      100

I  = 16000 x 3 x 4

            100

I  = 16,000 x 3 x 4

            100

I  = 160 x 3 x 4

          

I  = 1920/=

Hence the simple interest was Tsh 1920/=

TRY THIS………………….

Edmund deposited the amount of 50,000/= in a bank which gives an interest rate of 8% for 4 years. Find the simple interest she got.