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Question
Find the interest and the amount on:
₹ 4,000 in `1 1/3` years at 2 paise per rupee per month.
Solution
Here P = Rs. 4,000, Time (T) = `1 1/3`years
= 1 years + `12/3` months = 16 months
Rate (R) = 2 paise per rupee per month = 2% per month
∴ Interest (I) `=("P"xx"T"xx"R")/100=(4,000xx2xx16)/100`
= 40 × 32
= Rs. 1280
∴ Amount (A) = P + I
= Rs. 4000 + Rs. 1280
= Rs. 5280
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