SIMPLE INTEREST 1

Dikshi deposited the amount of 7000/= in a bank which gives an interest rate of 3% for 2 years. Find the simple interest she got?

Solution

I = ?,  P = 7,000/=, T = 2 years, R = 3%

I  = PRT

      100

I  = 7000 x 3 x 2

            100

I  = 7000 x 3 x 2

            100

I  = 70 x 3 x 2

          

I  = 420/=

Hence the simple interest was Tsh 420/=

TRY THIS………………….

Edmund deposited the amount of 6000/= in a bank which gives an interest rate of 3% for 5 years. Find the simple interest she got?