Find the simple interest on the amount of 2500 for 219 days if the rate of interest is 5% per annum.
1. 25
2. 50
3. 75
4. 37.5
1. 25
2. 50
3. 75
4. 37.5
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Correct Answer – Option 3 : 75
Given
Principle = 2500
Rate = 5%
Time = 219 days
Formula
SI = P × R × T/100
Calculation
Time = 219 days = 219/365 years = 3/5 years
SI = [2500 × 5 × (3/5)]/100
⇒ 25 × 3
⇒ 75
∴ The simple interest is 75.