Find the simple interest on ₹3000 at 6\(\frac{1}{4}\) % per annum for the 4 period from 5th Feb, 2005 to 18th April 2005.
Answer & explanation
Correct answer: option 2
No. of days in the period of 5th Feb, 2005 to 18th April 2005 = 73 days
Rate = 6\(\frac{1}{4}\) %
Principal = Rs.3000
SI = \(\frac{PRT}{100}\)
= \(\frac{3000 × 1 × 73 }{ 16 × 365}\)= ₹37.50