Simple interest for an amount of Rs. 1,000 at a rate of 7% and for a period of 3 years is _______.

Question

Question

This question was previously asked in

ISRO SAC Technician B Fitter 21 Oct 2018 Official Paper

Answer 1

Concept:

Simple interest = \(\frac{P~\times~R~\times~T}{100}\)

P = principal, R = rate of interest, T = time

Calculation:

Given:

P = Rs 1000, R = 7 %, T = 3 years

∵ Simple interest = \(\frac{P~\times~R~\times~T}{100}\)

⇒ Simple interest = \(\frac{1000~\times~7~\times~3}{100}\)

⇒ Simple interest = Rs 210