Simple Interest on (Yearly Basis)
An individual who has
borrowed or invested Rs.100000/- for 1.0 years
at the simple interest rate of
3% per annum
has to
pay or will receive a simple interest gain of Rs.3000/- on the principal amount,
which calculates to
Rs.250/- per month.
Simple Interest on (Monthly Basis)
Having simple interest rate of
3% per month
an individual
has to pay or will receive a simple interest gain of Rs.36000/-
on the principal amount
of Rs.100000/- for 1.0 years.
The simple interest on monthly base calculates to
Rs.3000/- per month.