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Question
Interest on ₹ 3000 at 10% per annum for a period of 3 years is ______.
Solution
Interest on ₹ 3000 at 10% per annum for a period of 3 years is ₹ 900.
Explanation:
Given, P = ₹ 3000, R = 10% and T = 3 year
We know that,
I = `(P xx R xx T)/100`
= `(3000 xx 10 xx 3)/100`
= ₹ 900
Hence, interest is ₹ 900.
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