Find the interest on 3125rs for 3 years if the rate of interest for first, second and third year are 4%,5%and6% per annum respectively
Hello student,
To calculate the total interest on Rs. 3125 for 3 years with different rates of interest for each year, we calculate the simple interest for each year separately and sum them up.
Formula:
Simple Interest (SI) = (Principal × Rate × Time) / 100
First year:
SI = (3125 × 4 × 1) / 100 = Rs. 125
Second year:
SI = (3125 × 5 × 1) / 100 = Rs. 156.25
Third year:
SI = (3125 × 6 × 1) / 100 = Rs. 187.50
Total Interest:
125 + 156.25 + 187.50 = Rs. 468.75
Thus, the total interest is Rs. 468.75.
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Thank you and wishing you all the best for your bright future.
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