Question

Find the interest and the amount, respectively on Rs.$5,000$ at $8$% per year from ${23}^{rd}$ December $2003$ to ${29}^{th}$ July $2004$.

• A. Rs $170$ and Rs.$4,950$
• B. Rs.$240$ and Rs.$5,240$
• C. Rs.$290$ and Rs.$6,330$
• D. Rs.$330$ and Rs$.7,660$

Answer 1

The correct option is B Rs.$240$ and Rs.$5,240$

Interest $I=\frac{PNR}{100}$
Given, $P=Rs5,000$
$N=23rdDec2003to29thJuly2004=9days+31days+29days+31days+30days+31days$

$+30days+29days=220days=\frac{220}{366}year$
$R=8$ %
So, $I=\frac{5000\times \frac{220}{366}\times 8}{100}=Rs240$
Now, $Amount=Principle+Interest=Rs5,000+Rs240=Rs5,240$