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sameer gave a loan of Rs 55000 to deepak for a period of one year at 16% per annum compounded half yearly. How much interest will he earn in a year |
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Answer» <P> Given: ✰ P = Rs 55,000 ✰ R = 16% ✰ T = 2 years ( here P = PRINCIPAL, R = rate, T = time ) To Find: • Simple INTEREST Solution: ➩ Simple Interest = Principal × Rate × Time/100 ➩ Simple Interest = P × R × T/100 Put the values in the formula, ➩ Simple Interest = 55000 × 2 × 16 100 ➩ Simple Interest = 5500 × 2 × 16 ➩ Simple Interest = 1100 × 16 ➩ Simple Interest = Rs. 17,600 ∴ SAMEER earned Interest = Rs. 17,600 Assimilate: Interest is said to be simple, if it is calculated on the ORIGINAL principal throughout the loan period. When we say simply, interest, we always mean simple interest. On the same sum and at the same rate of interest per annum, the interest of every year is same. |
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