Multiple choice

Find the interest on INR $600$ for $2$ years at the rate of $2$ paise per rupee per month-

  1. $288$
  2. $250$
  3. $150$
  4. $160$
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A Correct answer
Explanation

Rate = 2 paise/rupee/month = 0.02 * 12 = 0.24 per rupee per year. For 600 rupees for 2 years: Interest = 600 * 0.24 * 2 = 600 * 0.48 = 288.

AI explanation

An interest rate of 2 paise per rupee per month means the monthly rate is 2% since 2 paise is 0.02 rupees. Using the simple interest formula, SI = (P * R * T) / 100, the yearly rate becomes 2% * 12 = 24%. Substituting the values gives SI = (600 * 24 * 2) / 100, which equals 288.

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