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Simple & Compound Interest · Question 6 of 60

Question 6

EasyOriginal question

Kavya borrows ₹15,000 from a cooperative society at 7% per annum simple interest. What amount must she repay after 2 years?

Options for question 6

Show the answer and explanation
CorrectNot quiteAnswer C

Correct answer: C

Explanation

  1. SI=15000×7×2100=2100\text{SI} = \frac{15000 \times 7 \times 2}{100} = 2100.

  2. Amount = ₹15,000 + ₹2,100 = ₹17,100.

Worth noting

₹2,100 is only the interest. ₹17,173.50 is what compound interest would give; simple interest is charged on the original ₹15,000 every year.

Concept
Amount under simple interest
Typical time
35 s
Your time
—
The rule this testsSimple interest
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