Question

Rohit borrowed Rs. $24,000$ at $7.5$ per cent per year (simple interest). How much money will he pay at the end of $4$ years to clear his debt?

• A. Rs. $56300$
  
• B. Rs. $42100$
• C. Rs. $31200$
• D. Rs. $23200$

Answer 1

The correct option is C Rs. $31200$

Simple Interest $I=\frac{PNR}{100}$
Given, $P=$ Rs. $24,000$, $N=4$ years, $R=7.5$ $\%$
So, $I=\frac{24,000\times 4\times 7.5}{100}=$ Rs. $7,200$
Amount $=P+I$

$=$ Rs. $24,000$ $+$ Rs. $7,200$

$=$ Rs. $31,200$