Find the interest of Rs 500 for 3 years at the rate 8% per year.
in Mathematics
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Find the interest of Rs 500 for 3 years at the rate 8% per year.
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Solution:

 By unitary method :

Since Interest on Rs 100 for 1 year $=\mathrm{Rs} 8$

Interest on Re 1 for 1 year $=\mathrm{Rs} \frac{8}{100}$

Interest on Rs 500 for l year $=\mathrm{Rs} \frac{8}{100} \times 500$

Interest on Rs 500 for 3 years $=$ Rs $\frac{8}{100} \times 500 \times 3=$ Rs 120

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