What amount a man would have received on a principal of Rs.7500 after two years at simple interest at the rate of 7 per cent per annum?
Answer & explanation
Correct answer: option 2
Principal( P) = Rs 7500
Rate (R%) = 7%
Time ( T ) = 2 years
Interest = \(\frac{Principal ×Rate × Time }{100}\) = \(\frac{ 7500 ×7 × 2}{100}\) = Rs 1050
⇒ Amount = Principal + Interest = 7500+ 1050
= Rs 8550