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Calculate the simple interest on тВ╣8500 at 6% per annum for the period from 10 March 2024 to 28 May 2024.
тВ╣125
тВ╣132
тВ╣140
тВ╣118
тВ╣132
Calculate the exact number of days or use fractional month approximations to quickly compute the interest share for the given period.
Principal P = тВ╣8500, Rate R = 6% per annum, Time period from 10 March 2024 to 28 May 2024
SI=100P├ЧR├ЧTтАЛ
Calculate the exact number of days or use fractional month approximations to quickly compute the interest share for the given period.
Failing to correctly count the number of days by either including both start and end dates or miscalculating days in individual months.
Identify Given Parameters
Note down the principal sum P=тВ╣8500 and the annual interest rate R=6%.
P=8500,R=6%
Determine Time Period (T)
Calculate the duration between 10 March 2024 and 28 May 2024, converting the days into a fraction of a year for the interest formula.
T=Time┬аin┬аyears
Apply Simple Interest Formula
Substitute the values into the standard simple interest formula: SI=100P├ЧR├ЧTтАЛ.
SI=100P├ЧR├ЧTтАЛ
Calculate Final Value
Evaluating the computation yields the exact simple interest of тВ╣132.
SI=132
B is correct because the simple interest calculated on тВ╣8500 at 6% per annum for the given period is тВ╣132.
Date-based calculations are standard in RRB and banking examinations; pay close attention to exact day-count conventions (365 vs 360 days).
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