Question
Download Solution PDFFind the simple interest (in nearest ₹) of ₹3000 for the period from 8 February 2024 to 9 April 2024 at a 7% annual interest rate.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹3000
Rate (R) = 7% per annum
Time (t) = From 8 February 2024 to 9 April 2024
Formula used:
Simple Interest (SI) = P × R × t / 100
Calculation:
Time period = 8 February to 9 April = 61 days
Time in years (t) = 60 / 365 ≈ 0.167 years
SI = 3000 × 7 × 0.167 / 100
⇒ SI = ₹35
∴ The correct answer is option (2).
Last updated on May 26, 2025
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