Rs. 1500 is lent out at 6 % per annum simple interest for 3 years. Find the amount after 3 years.
Show answer & explanation
Correct answer: D
Explanation
Given:
Principal (P) = ₹1500
Interest rate (R) = 6% per annum
Time (T) = 3 years
Formula:
Simple interest (SI) = (P × R × T) / 100
SI = (1500 × 6 × 3) / 100 = ₹270
Amount (A) = P + SI
A = 1500 + 270 = ₹1770
Amount after 3 years = ₹1770