Question

Anwar deposits a sum of Rs. $60,000$ in a bank for three years. The bank gives simple interest at $6\%$ per annum. How much interest will he get after three years? In addition, calculate the total amount that he will get after three years.

• A. $60,000$
• B. $70,800$
• C. $66,000$
• D. $63,500$

Answer 1

The correct option is B $70,800$

Principal, $P=60000$

Time, $t=3$ years

Rate, $r=6$ percent per annum

Simple interest, $SI=\frac{P\left(r\right)\left(t\right)}{100}$

$=\frac{60000\times 3\times 6}{100}$

$=10800$

Total amount he will get after $3$ years $=SI+P=60000+10800=70800$