Question 11 Mark
3500 is given at 7% p.a. rate of interest. Find the interest which will be received at the end of 2 yr.
Answer
View full question & answer→Given, Principal, $P=$ ₹ $6050$; Rate of interest, $R=6.5 \%$
Time, $T=3 yr$
$\therefore$ Interest, $I=\frac{P \times R \times T}{100}=\frac{6050 \times 6.5 \times 3}{100}=\frac{117975}{100}$
$=$ ₹ $1179.75$
$\therefore$ Amount $=$ Principal + Interest
$=$ ₹ $6050+$ ₹ $1179.75=$ ₹ $7229.75$
Hence, the interest and amount at the end of 3 yr are ₹ $1179.75$ and ₹ $7229.75$, respectively.
Time, $T=3 yr$
$\therefore$ Interest, $I=\frac{P \times R \times T}{100}=\frac{6050 \times 6.5 \times 3}{100}=\frac{117975}{100}$
$=$ ₹ $1179.75$
$\therefore$ Amount $=$ Principal + Interest
$=$ ₹ $6050+$ ₹ $1179.75=$ ₹ $7229.75$
Hence, the interest and amount at the end of 3 yr are ₹ $1179.75$ and ₹ $7229.75$, respectively.