If the rate of simple interest is 12% per annum, the amount
Posted on 15-04-2023
Ques - If the rate of simple interest is 12% per annum, the amount that would fetch interest of Rs. 6000 per annum is :
(a) Rs. 7200
(b) Rs. 48000
(c) Rs. 56000
(d) Rs. 72000
Solution -
Given,
R = 12%
T = 1
S.I = 6000
P = ?
S.I = (P×R×T) / 100
6000 = (P × 12 × 1) / 100
600000 = 12P
P = 600000 / 12
P = 50000
Amount = P + S.I
Amount = 50,000 + 6000
Amount = 56,000
Therefore,
The amount is Rs. 56,000.
Hence,
The correct answer is option (c) Rs. 56,000.
Thank you