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Simple interest on Rs. 55,000 for 1 year at 5% per annum is

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APSSB MTS 2024 Official Paper (Held On: 23 Feb, 2025)
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  1. Rs. 2,750
  2. Rs. 2,500
  3. Rs. 550
  4. None of these

Answer (Detailed Solution Below)

Option 1 : Rs. 2,750
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Detailed Solution

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Given:

Principal (P) = ₹55,000

Rate (R) = 5% per annum

Time (T) = 1 year

Formula used:

Simple Interest (SI) = P × R × T / 100

Calculations:

SI = 55000 × 5 × 1 / 100

⇒ SI = 275000 / 100

⇒ SI = ₹2,750

∴ The correct answer is option (1).

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