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Question
Find the interest and the amount on:
₹ 2,600 in 2 years 3 months at 1% per month.
Solution
Here P = ₹2,600
Time (T) = 2 Years 3 months = 27 months
Rate (R) = 1% per month
∴ Interest =`("P"xx"T"xx"R")/100=(2600xx27xx1)/100`
= 26 × 27 = Rs.702
∴ Amount = Rs. (2600 + 702) = Rs.3302
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