A man borrowed a sum of ₹30,000 at 7.5% per annum simple interest. How much money (in ₹) will he pay at the end of 5 years to clear his debt?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. 41,250.
Simple Interest (SI) =
SI = = 11,250
Total Amount = Principal + SI
Total Amount = 30000 + 11250 = 41,250