What is the simple interest on Rs. 1500 at a rate of 10% per annum for 7 years? Ops: A. Rs. 900 B. Rs. 750 C. Rs. 1050 D. Rs. 1080
Question
What is the simple interest on Rs. 1500 at a rate of 10% per annum for 7 years?
Ops:
A. Rs. 900
B. Rs. 750
C. Rs. 1050
D. Rs. 1080
Solution
The formula for calculating simple interest is I = PRT/100, where:
I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years)
In this case, P = Rs. 1500, R = 10% and T = 7 years.
Substituting these values into the formula, we get:
I = (1500 * 10 * 7) / 100 = Rs. 1050
So, the simple interest on Rs. 1500 at a rate of 10% per annum for 7 years is Rs. 1050. Therefore, the correct answer is C. Rs. 1050.
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