Question : Find the Simple Interest on INR 27,000 at $14 \frac{2}{3}$% per annum for 8 months.
Option 1: INR 2,600
Option 2: INR 2,630
Option 3: INR 2,610
Option 4: INR 2,640
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Correct Answer: INR 2,640
Solution :
Given: Principal = INR 27,000
Rate of interest = $14 \frac{2}{3}$%
Time period = 8 months = $\frac{8}{12}=\frac{2}{3}$ year.
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
= $\frac{27000×\frac{44}{3}×\frac{2}{3}}{100}$
= 60 × 44 = INR 2,640.
Hence, the correct answer is INR 2,640.
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