Chapter 9, Problem 2STP

To determine

To calculate:To find the Simple Interest after $3$ years for a principal amount of $\$1200$ at an interest rate of $6\%$ .

Answer to Problem 2STP

The correct option is $H.$$\$216$

Explanation of Solution

Given information:

Given details are - $3$ years for a principal amount of $\$1200$ at an interest rate of $6\%$ .

Formula Used:

The formula of Simple Interest is given as

  $S.I.=\frac{P\times T\times R}{100}$ ;

Where, $P$ is the Principal Amount, $T$ is the Time and $R$ is the interest rate.

Calculation:

Givendetails are− $3$ years for a principal amount of $\$1200$ at an interest rate of $6\%$ .

Using the above formula for Simple Interest, we have -

  $S.I.=\frac{1200\times 3\times 6}{100}$

Solving the above equation, we have:

  $S.I.=216$

Thus, the Simple Interest is $\$216$ .

Conclusion:

The correct option is $H.$$\$216$