Select the correct answerFind the simple interest on Rs. 800 at 7% per annum and on Rs. 700 at 16% p.a. and on Rs. 500 at 4% p.a. for 2 years.
Question
Solution 1
To find the simple interest, we use the formula:
Simple Interest = (Principal Amount * Rate * Time) / 100
Let's calculate it step by step for each amount:
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For Rs. 800 at 7% per annum for 2 years: Simple Interest = (800 * 7 * 2) / 100 = Rs. 112
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For Rs. 700 at 16% per annum for 2 years:
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