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    Question

    A man deposits Rs. 36,000 at a simple interest rate of 25%

    per annum. What will be the total amount after 30 months?
    A Rs.58,500 Correct Answer Incorrect Answer
    B Rs.58,000 Correct Answer Incorrect Answer
    C Rs.48,550 Correct Answer Incorrect Answer
    D Rs.68,500 Correct Answer Incorrect Answer

    Solution

    ATQ,

    Simple interest = (Sum × Rate of Interest × Time in months) ÷ (100 × 12)

    = 36000 × 25 × 30 ÷ (100 × 12)

    = 36000 × 25 × 30 ÷ 1200

    = 22500

    Amount after 30 months = Principal + Interest

    = 36000 + 22500

    = Rs.58,500

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