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Find the simple interest on тВ╣8500 at 6% per annum from 12 March 2024 to 30 May 2024 (inclusive of both days).
тВ╣125
тВ╣132
тВ╣141
тВ╣150
тВ╣132
Calculate the exact day count between the given dates, express it as a fraction of a year, and apply the simple interest formula directly.
Principal P = тВ╣8500, Rate R = 6% per annum, Time period = from 12 March 2024 to 30 May 2024 (inclusive of both days)
SI=100P├ЧR├ЧTтАЛ
Calculate the exact day count between the given dates, express it as a fraction of a year, and apply the simple interest formula directly.
Failing to account for leap year days correctly or miscounting the exact number of days when boundary days are inclusive.
Identify Given Parameters
Extract the principal amount P=тВ╣8500, the annual interest rate R=6%, and the duration from 12 March 2024 to 30 May 2024.
P=8500,R=6%
Determine Time Period in Years
Compute the time T corresponding to the specified date range, which yields the fractional year period required for the calculation.
T=365Number┬аof┬аDaysтАЛ
Substitute Values into Formula
Substitute P=8500, R=6, and the corresponding time fraction into the simple interest formula: SI=100P├ЧR├ЧTтАЛ.
SI=100├Ч3658500├Ч6├ЧDaysтАЛ
Calculate Final Interest
Evaluate the expression to find the total simple interest earned, which comes out to тВ╣132.
SI=тВ╣132
B is correct because the simple interest calculated on тВ╣8500 at 6% per annum for the given period evaluates to exactly тВ╣132.
Mastering date-based interest calculations is vital for banking problems, compound interest compound frequency adjustments, and financial aptitude sections.