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Amount

Grace took a ...

Question

Grace took a loan of ₹42500 at 6 percent per annum. How much interest will she have to pay to the bank at the end of the year?

A

₹3550

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B

₹1750

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C

₹2550

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D

₹1800

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Solution

The correct option is C ₹2550
Simple Interest
$= \frac{(P r i n c i p a l \times T i m e \times R a t e)}{100}$

Now, according to question,
Principal = ₹42500, Time = 1 Year, Rate = 6%

So, Interest Amount $= \frac{(42500 \times 1 \times 6)}{100}$
= ₹ 2550

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