Question

Calculate the simple interest on Rs. \[6400\] for \[6\] months at the rate of \[10%\] per annum?

Answer 1

Hint: These types of problems are quite simple in nature and are very easy to solve once we understand all the underlying concepts behind the problem. To solve this particular problem we need to have a fair amount of ideas of simple interest and fractions. To solve problems of simple interest we need to know some particular things related to it. We need to know the principal amount, the rate of interest and the time. Having all of these parameters we can very easily find out the value of the simple interest by using the formula,
\[S.I.=\dfrac{P\times R\times T}{100}\] , here P is the principal, R is the rate of interest and T is the time.

Complete step-by-step solution:
Now we start off with the solution to the given problem by writing that, in the problem we are given the principal amount as (P) Rs. \[6400\] , the rate of interest (R) \[10%\] and the time (T) \[6\] months, which is equal to \[0.5\] years. Now putting all these parameters in the given formula, we find the value of the simple interest as,
\[S.I.=\dfrac{6400\times 10\times 0.5}{100}=320\]
Thus we get the value of the simple interest for a principal amount of Rs. \[6400\] , rate of interest \[10\%\] and time \[6\] months as \[Rs.320\] .

Note: Problems like these need some prior knowledge of fractions and simple interest. This is generally a chapter of banking and we need to keep in mind the formula related to simple interest or else we won’t be able to solve the problem efficiently. Simple interest is useful in many places such as, we can use it to find compound interest also. We also need to keep in mind all the parameters of the formula, the principal, rate and time.