Multiple choice

Find the simple interest and total amount for the following: Rs. $2,600$ in $2$ years $3$ months at the rate of $1\%$ per month.

  1. Rs. $500$ and Rs. $1,102$
  2. Rs. $520$ and Rs. $1,556$
  3. Rs. $612$ and Rs. $2,501$
  4. Rs. $702$ and Rs. $3,302$
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D Correct answer
Explanation

The time is 2 years and 3 months, which is 27 months. At 1% interest per month, the total interest is 2600 * 0.01 * 27 = 702. The total amount is 2600 + 702 = 3302.

AI explanation

Convert the time of 2 years and 3 months into months, giving 27 months. Using the simple interest formula where the rate is 1% per month, the interest equals 2600 times 1 times 27 divided by 100, which equals Rs. 702. The total amount is the sum of the principal and the interest, calculated as 2600 plus 702, resulting in Rs. 3,302.

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