Question

Find the simple interest and total amount for the following:

Rs. $2,600$ in $2$ years $3$ months at the rate of $1\%$ per month.

• A. Rs. $500$ and Rs. $1,102$
• B. Rs. $520$ and Rs. $1,556$
• C. Rs. $612$ and Rs. $2,501$
• D. Rs. $702$ and Rs. $3,302$

Answer 1

The correct option is D Rs. $702$ and Rs. $3,302$

Simple Interest $I=\frac{PNR}{100}$
Given,
$P=$ Rs. $2600$
$N=2$ years $3$ months $=2\frac{3}{12}=2\frac{1}{4}=\frac{9}{4}$
$R=1$ % per month $=12$ % per annum
So, $I=\frac{2600\times \frac{9}{4}\times 12}{100}=$ Rs. $702$
Amount $=P+I=$ Rs. $2600+$ Rs. $702=$ Rs. $3,302$