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
Number of days from May 3rd to July 15th in the same year = 28 + 30 + 15
= 73 days
= \(\frac{ 1 }{5}\)th year
SI = \(\frac{ P × R × T }{100}\)
= \(\frac{ 500 × 6 × 1 }{5×100}\)
= 6
The correct answer is option (2) : ₹6