Calculate the simple interest on Rs. 5640 invested for 7 months at 6% per annum.
- 200.70
- 199.60
- 197.70
- None of these
Explanation
To calculate simple interest, we use the formula:
Simple Interest (SI) = (Principal x Rate x Time) / 100
Where:
Principal (P) = Rs. 5640
Rate (R) = 6% per annum = 6/100 = 0.06
Time (T) = 7 months = 7/12 (since there are 12 months in a year)
Plugging in the values, we get:
SI = (5640 x 0.06 x 7/12)
= (5640 x 0.06 x 0.5833)
= 199.60
So, the simple interest is Rs. 199.60!
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