Answer :
Sure, here's the interest on ₹10,000 at 12% for a specific number of months for both simple and compound interest:
Simple Interest (SI):
* Formula: SI = (P * R * T) / 100
* P = ₹10,000 (principal)
* R = 12% (interest rate)
* T = Time (in years)
Compound Interest (CI):
* Formula: A = P * (1 + R/100)^T
* A = Amount (including principal and interest)
* P = ₹10,000 (principal)
* R = 12% (interest rate)
* T = Time (in years)
Please specify the number of months (in years) to calculate the exact interest amount for both methods.
Simple Interest (SI):
* Formula: SI = (P * R * T) / 100
* P = ₹10,000 (principal)
* R = 12% (interest rate)
* T = Time (in years)
Compound Interest (CI):
* Formula: A = P * (1 + R/100)^T
* A = Amount (including principal and interest)
* P = ₹10,000 (principal)
* R = 12% (interest rate)
* T = Time (in years)
Please specify the number of months (in years) to calculate the exact interest amount for both methods.
Answer:
The interest on ₹10,000 at 12% per annum for 6 months is ₹600.
Step-by-step explanation:
To find the interest on ₹10,000 at an annual interest rate of 12% for a certain number of months, we can use the simple interest formula:
[tex]\[ \text{Simple Interest} = \frac{P \times R \times T}{100} \][/tex]
Where:
- ( P ) is the principal amount (₹10,000)
- ( R ) is the annual interest rate (12%)
- ( T ) is the time period in years
Since the interest period is given in months, we need to convert the months into years. Let's denote the number of months as ( m ).
[tex]\[ T = \frac{m}{12} \][/tex]
So the formula for simple interest in this context becomes:
[tex]\[ \text{Simple Interest} = \frac{P \times R \times \frac{m}{12}}{100} \][/tex]
Let's calculate the interest for 6 months (half a year) as an example:
[tex]\[ \text{Simple Interest} = \frac{10000 \times 12 \times \frac{6}{12}}{100} \][/tex]
Simplifying this:
[tex]\[ \text{Simple Interest} = \frac{10000 \times 12 \times 0.5}{100} \] \\
\[ \text{Simple Interest} = \frac{10000 \times 6}{100} \] \\
\[ \text{Simple Interest} = \frac{60000}{100} \] \\
\[ \text{Simple Interest} = 600 \][/tex]
So, the interest on ₹10,000 at 12% per annum for 6 months is ₹600.
You can adjust the number of months ( m ) in the formula to find the interest for different periods.