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Find the simple interest on Rs. 8,000 at 12% per annum for 3 years.
Rs. 2,880
Rs. 2,400
Rs. 3,000
Rs. 2,600
Rs. 2,880
Calculate the effective rate: 12%├Ч3=36%. Then find 36% of 8000 by calculating 36├Ч80=2880.
Principal P = 8000, Rate R = 12% per annum, Time T = 3 years
SI=100P├ЧR├ЧTтАЛ
Calculate the effective rate: 12%├Ч3=36%. Then find 36% of 8000 by calculating 36├Ч80=2880.
Students often miscalculate the percentage by multiplying 8000├Ч12 and forgetting to divide by 100, or they confuse Simple Interest with Compound Interest formula.
Identify given parameters
We are given the principal amount P=8000, the annual rate R=12, and the time period T=3 years.
P=8000,R=12,T=3
Apply Simple Interest Formula
Substitute the given values into the standard Simple Interest formula SI=100P├ЧR├ЧTтАЛ.
SI=1008000├Ч12├Ч3тАЛ
Perform Calculation
Cancel two zeros from the numerator and denominator: 80├Ч12├Ч3. Multiplying these gives 80├Ч36=2880.
SI=80├Ч36=2880
A is correct because the calculated Simple Interest on Rs. 8,000 at 12% for 3 years is Rs. 2,880.
This concept is foundational for Compound Interest problems; always remember that in Simple Interest, the interest remains constant every year, whereas in Compound Interest, the principal increases annually.
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