In Simple Interest when the Time is given in Months and Days
In simple interest when the time is given in months and days we always need to convert into years.
Notes:
(i) When “T’ i.e., the time is given in months then it should be divided by 12 to convert into years.
(ii) When “T’ i.e., the time is given in days then it should be divided by 365 to convert into years.
For example:
1. Tim invested $ 1500 for at the rate of 6% p.a. for 7 years and 3 months. Find the amount he got back.
Solution:
Principal (P) = $ 2000,
Rate (R) = 6% p.a.
Time (T) = 7 years and 3 months.
[We know, when “T’ i.e., the time is given in months then it should be divided by 12 to convert into years].
= 7 3/12 years.
= 7 ¼ years.
= (7 × 4 + 1)/4 years.
= 29/4 years.
Simple Interest (SI) = (P × R × T)/100
Simple Interest (SI) = (2000 × 6 × 29)/(100 × 4)
= 348000/400
= 870
Therefore, Amount = Principal + Simple Interest
= 2000 + 870
Therefore, Amount Tim got back = $ 2870
2. Kyle borrowed $ 3400 at the rate of 8% p.a. for 225 days. Find the interest and amount she paid.
Solution:
Principal = $ 3400,
Rate = 8% p.a.
Time = 225 days.
[We know, when “T’ i.e., the time is given in days then it should be divided by 365 to convert into years].
= 225/365 years.
Simple Interest = (P × R × T)/100
= (3400 × 8 × 225)/(100 × 365)
= 6120000/36500
= $ 167.67
Amount = Principal + Simple Interest
= 3400 + 167.67
= $ 3567.67
Therefore, Amount paid by Kyle is $ 3567.67.
And the Interest paid by Kyle is $ 167.67.
Word Problems on Simple Interest.
In Simple Interest when the Time is given in Months and Days.
To find Principal when Time Interest and Rate are given.
To find Rate when Principal Interest and Time are given .
To find Time when Principal Interest and Rate are given.
Worksheet on Factors affecting Interest
5th Grade Numbers Page
5th Grade Math Problems
From In Simple Interest when the Time is given in Months and Days to HOME PAGE
Didn't find what you were looking for? Or want to know more information about Math Only Math. Use this Google Search to find what you need.
Recent Articles
-
Multiplication by Ten, Hundred and Thousand |Multiply by 10, 100 &1000
May 01, 25 11:57 PM
To multiply a number by 10, 100, or 1000 we need to count the number of zeroes in the multiplier and write the same number of zeroes to the right of the multiplicand. Rules for the multiplication by 1… -
Adding and Subtracting Large Decimals | Examples | Worksheet | Answers
May 01, 25 03:01 PM
Here we will learn adding and subtracting large decimals. We have already learnt how to add and subtract smaller decimals. Now we will consider some examples involving larger decimals. -
Converting Fractions to Decimals | Solved Examples | Free Worksheet
Apr 28, 25 01:43 AM
In converting fractions to decimals, we know that decimals are fractions with denominators 10, 100, 1000 etc. In order to convert other fractions into decimals, we follow the following steps: -
Expanded Form of a Number | Writing Numbers in Expanded Form | Values
Apr 27, 25 10:13 AM
We know that the number written as sum of the place-values of its digits is called the expanded form of a number. In expanded form of a number, the number is shown according to the place values of its… -
Converting Decimals to Fractions | Solved Examples | Free Worksheet
Apr 26, 25 04:56 PM
In converting decimals to fractions, we know that a decimal can always be converted into a fraction by using the following steps: Step I: Obtain the decimal. Step II: Remove the decimal points from th…
New! Comments
Have your say about what you just read! Leave me a comment in the box below. Ask a Question or Answer a Question.