Question
Download Solution PDFFind the amount under simple interest on Rs.21350 at 21% per annum for 7 years. (In Rs.)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹21,350
Rate (r) = 21% per annum
Time (t) = 7 years
Formula used:
Simple Interest (SI) = \(\frac{P \times r \times t}{100}\)
Amount (A) = Principal (P) + Simple Interest (SI)
Calculation:
SI = \(\frac{21350 \times 21 \times 7}{100}\)
⇒ SI = ₹31384.5
A = P + SI
⇒ A = 21350 + 31384.5
⇒ A = ₹52734.5
∴ The correct answer is option (2).
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