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Question

The amount to be paid back if the principal of 5000 is taken at a rate of 11% interest per annum under simple interest for a period of 3 years will be equal to


A

Rs. 6660

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B

Rs. 6760

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C

Rs. 6650

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D

Rs. 6640

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Solution

The correct option is C

Rs. 6650


We know that S.I. = PRT100

where, S.I. is the simple interest, P is the principal, R is the rate of interest per annum and T is the time(number of years).

Here, P = ₹ 5,000, R = 11%, T = 3 years

So, S.I.=5000×11×3100=1650

Amount = Principal + Interest =₹ 5000 + ₹ 1650 = ₹ 6,650


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