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Popular Word Problems >

calculate the simple interest when a sum of Rs 20000 is deposited for 3 years at an interest rate of 8 percent per annum

Solution

c a l c u l a t e t h e s im pl e in t eres t w h e n a s u m o f R s 20000 i s d e p os i t e d f or 3 ye a rs a t an in t eres t r a t e o f 8 p erce n t p er ann u m

Solution

Interest : 4800

Solution steps

Translate the problem into an equation:

I = 20000 \cdot 0.08 \cdot 3

Simplify

I = 20000 \cdot 0.08 \cdot 3

Interest : 4800

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