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Find the simple interest (in ₹) on a sum of ₹500 borrowed for 3.5 years at a rate of interest of 16% per annum.
280
260
380
330 Question ID : 441009852742 Option 1 ID : 4410093363940 Option 2 ID : 4410093363942 Option 3 ID : 4410093363943 Option 4 ID : 4410093363941 Status : Answered Chosen Option : A
280
Calculate the effective percentage: 16%×3.5=16×3+16×0.5=48+8=56%. Then 56% of 500 is 500×0.56=280.
Principal P = 500, Time T = 3.5 years, Rate R = 16% per annum.
SI=100P×R×T
Calculate the effective percentage: 16%×3.5=16×3+16×0.5=48+8=56%. Then 56% of 500 is 500×0.56=280.
Students often multiply by the number of years incorrectly or confuse the interest rate with the amount, leading to errors in the percentage calculation.
Identify given parameters
State the principal P=500, time period T=3.5, and annual interest rate R=16%.
P=500,T=3.5,R=16%
Apply Simple Interest formula
Substitute the given values into the SI formula: SI=100500×16×3.5.
SI=100500×16×3.5
Perform calculation
Cancel 100 with 500 to get 5×16×3.5=80×3.5=280.
SI=5×16×3.5=280
A is correct because the simple interest calculated using the formula is 280.
This concept forms the basis for understanding Compound Interest (CI), where interest is calculated on the accumulated principal each period.
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