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A shopkeeper takes a loan of Rs. 54,000 with simple interest for 6 years at the rate of 6%. At the end of the loan period, what is the interest that he pays?1. Rs. 12,4402. Rs. 22,4403. Rs. 18,4404. Rs. 19,440 |
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Answer» Correct Answer - Option 4 : Rs. 19,440 Given: A shopkeeper takes a loan (Principal) = Rs. 54000 Time = 6 years Rate = 6% Concept used: Simple interest = (Principal × Rate × Time)/100 Calculation: Simple interest = (Principal × Rate × Time)/100 ⇒ (54,000 × 6 × 6)/100 ⇒ 540 × 36 ⇒ Rs. 19,440 ∴ The simple interest is Rs. 19,440 |
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