Aman invested ₹6,000 in a scheme that gives 5% simple interest per annum. What will be the interest earned and the total amount after 5 years?
Show answer & explanation
Correct answer: B
Explanation
Principal = 6000, Rate = 5%, Time = 5 years
SI = (P × R × T) / 100
SI = (6000 × 5 × 5) / 100 = 1500
Total Amount = 6000 + 1500 = 7500
SI = ₹1,500; Total = ₹7,500