Question
Download Solution PDFWhat amount a man would have received on a principal of Rs. 7,500 after two years at simple interest at the rate of 7 per cent per annum ?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 7500
Rate = 7%
Time = 2 years
Concept Used:
Simple Interest = PRT/100
Amount = Principal + Simple Interest
Calculation:
Simple Interest = PRT/100
Simple Interest = (7500 × 7 × 2)/100
Simple Interest = Rs. 1050
Amount = Principal + Simple Interest
Amount = 7500 + 1050
Amount = Rs. 8550
∴ Option 2 is the correct answer.
Last updated on May 28, 2025
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