Simple Interest-10th grade-1

Mr. Daniel deposited $3500 in a bank. Find the interest on $3500
from the 5th January to 31st May, 1964 at 6%.

Solution: Here the number of days during the period :

Jan, Feb, Mar, Apr, May = (26 + 28 + 31 + 30 + 31) = 146 days

= 146/365 yr.

= 2/5 yr.

Now Interest on $100 for 1 year = $6

So, interest on $100 for 2/5 yr = $6 * (2/5)

So, interest on $1 for 2/5 yr = ${(6 * 2) / (5 * 100)}

So, interest on $3500 fro 2/5 yr = ${(6 * 2 * 3500) / (5 * 100)}

= $84

So, the required interest = $84