Question
Download Solution PDFSimple interest for an amount of Rs. 1,000 at a rate of 7% and for a period of 3 years is _______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFConcept:
Simple interest =
P = principal, R = rate of interest, T = time
Calculation:
Given:
P = Rs 1000, R = 7 %, T = 3 years
∵ Simple interest =
⇒ Simple interest =
⇒ Simple interest = Rs 210
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