The simple interest on ₹500 at 6% per annum from May 3rd to July 15th in the same year is
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → ₹6
Simple interest is \(\frac{P\times R\times T}{100}\) with the time \(T\) in years. When the period is given by dates, count the days leaving out the first day and counting the last, then divide by 365.
May (4th to 31st): \(31-3=28\) days
June: 30 days
July: 15 days
Total period: \(28+30+15=73\) days \(=\frac{73}{365}=\frac{1}{5}\) year
Simple interest for this period \(=\displaystyle\frac{500\times6\times\frac{1}{5}}{100}=6\)