How do you calculate simple interest in months?

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Solution

Explanation of how to calculate simple interest in month :
$F o r m u l a o f s i m p l e i n t e r e s t (S . I) = \frac{P \times R \times T}{100} W h e r e, P = P r i n c i p a l R = R a t e o f I n t e r e s t i n % p e r a n n u m T = T i m e i n y e a r s$
To convert T ( in years ) into months
We know ,
$\Rightarrow 12 m o n t h s = 1 y e a r \Rightarrow 1 m o n t h = \frac{1}{12} y e a r s$
Therefore, in place of T we will put $\frac{T}{12}$ in S.I formula to calculate in months
$H e n c e, F o r m u l a o f S . I i n m o n t h s = \frac{P \times R \times T}{100 * 12} W h e r e, P = P r i n c i p a l R = R a t e o f I n t e r e s t i n % p e r a n n u m T = T i m e i n m o n t h s$

Hence, the simple interest in months is calculated by using this formula $\frac{P \times R \times T}{100 \times 12}$

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