Simple interest on 2100 at 3% for 1 years

Simple interest is the amount paid or earned on the principal over a set period of time (term).

The following is the formula for calculating simple interest,

Simple\;Interest\;(I) = \large \frac{p \times r \times t}{\normalsize100}

Where,

I : Simple interest

p : Principal amount

r : Rate of interest in percentage

t : Time period (in Years)

To calculate the simple interest on the principle amount 2100 with rate of interest 3% for 1 years, let’s first put it in the formula

$\small Simple\;Interest\;(I) = \large \frac{2100\; \times\; 3\; \times\; 1}{100}$

$\small Simple\;Interest\;(I) = \large \frac{ 6300\; \times\; 1}{100}$

$\small Simple\;Interest\;(I) = \large \frac{ 6300}{100}$

$\small Simple\;Interest\;(I) = 63$

The simple interest for principal 2100, interest rate 3, period 1 years is 63

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What is simple interest for principal 2100, interest rate 3, period 1 years

Answer: The simple interest for principal 2100, interest rate 3, period 1 years is 63