Given data or values:
Principal (P) = ₹ 1,500.
Time (T) = 3 years.
See Also
Interest Expense: Definition, Example, and CalculationHow much can you earn with a 5% savings APY?[Solved] Find the amount, if the principal is Rs. 5000 at a rate of 5Compare Today’s 5-year ARM Mortgage Rates - NerdWalletRate of interest (R) = 5% per annum.
Concept or formula to use:
We will use the formula for calculating the Simple Interest, which is I = PRT/100, where I is the Interest, P is the principal, R is the rate, and T is the time.
Solution:
⇒I = PRT/100.
⇒ I = (1500 × 3 × 5) / 100 = 225.
Therefore, the simple interest on ₹1,500 for 3 years at 5% per annum is ₹225.
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