Find the simple interest on Rs. 68,000 at 16(2/3)% per annum for a period of 9 months?Choices:- Rs. 8500 Rs. 3200 Rs. 2100 Rs. 4300
Question
Solution
To calculate simple interest, we use the formula:
Interest = (Principal amount * Rate * Time) / 100
Here, the principal amount is Rs. 68,000. The rate is 16(2/3)% which is equivalent to 50/3 %. The time is 9 months, but since the rate is per annum, we need to convert this to years. So, 9 months is 9/12 = 0.75 years.
Substituting these values into the formula, we get:
Interest = (68000 * 50/3 * 0.75) / 100
Solving this, we get the interest as Rs. 8500. So, the correct choice is Rs. 8500.
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