If investment is made for months instead of years we have to convert years to months by multiplying 12 with the given number of years.
Solution:
The formula for calculating the simple interest is
[tex]SI = \frac{PNR}{100}[/tex]
Here, SI is Simple Interest; P is principal; N is the number of years and R is the rate of interest
Now, if we invest for months instead of years then to find the simple interest, we must convert the units in years to months.
1 year has 12 months;
So, we have to multiply 12 to the given number of years.
