What is the simple interest on Rs. 90000 for 5 years at 8% per annum rate of interest?Question 6Answera.Rs. 32000b.Rs. 46000c.Rs. 30000d.Rs. 36000
Question
Solution
To calculate simple interest, we use the formula:
Interest = Principal x Rate x Time
where:
- Principal is the initial amount of money that was put into the account, or loaned/borrowed
- Rate is the annual interest rate (in decimal form, so 8% would be 0.08)
- Time is the amount of time the money is invested or borrowed for, in years
So, in this case:
Interest = Rs. 90000 x 0.08 x 5
Let's calculate that:
Interest = Rs. 36000
So, the simple interest on Rs. 90000 for 5 years at an 8% per annum rate of interest is Rs. 36000. Therefore, the correct answer is d. Rs. 36000.
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