Find the interest on ₹74,000 at $18\frac{2}{3}$ % per annum for a period of 8 months ?
Answer & explanation
Correct answer: option 4
We know ,
Simple interest = \(\frac{Principal ×Rate × Time }{100}\)
= \(\frac{74000 ×56 × 8 }{3 × 12 ×100}\)
= \(\frac{2960 × 14 × 2 }{3 × 3 }\)
= 9208.88