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Question

Rohit borrowed ₹ 45,000 at the rate of 8.5 % per annum simple interest. How much money will he pay at the end of 4 years to clear his debt 



Your Answer
A

₹ 65,300

Correct Answer
B

₹ 60,300

Your Answer
C

₹ 70,300

Your Answer
D

₹ 75,300


Solution

The correct option is D

₹ 60,300


 Given, P = ₹ 45,000,   R = 8.5 %, p.a   and  T = 4 years

I = P×T×R100

  = 45,000×4×8.5100

  = ₹ 15,300

Hence amount to be paid at the end of 4 years = P + I 

                                                                           = 45,000 + 15,300

                                                                           = ₹ 60,300

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