An amount of Rs. 3900 is received on a principal amount of Rs. 1500 wh

1.	An amount of Rs. 3900 is received on a principal amount of Rs. 1500 when kept at simple interest for 5 years. What will be the amount received if rate of interest decreases by 2%?1. Rs. 35502. Rs. 37503. Rs. 32504. Rs. 3450
Answer» Correct Answer - Option 2 : Rs. 3750 Given: A = Rs. 3900 N = 5 years P = Rs. 1500 Formula used: I = PRN / 100 Where P = Principal amount, R = Rate of interest in %, N = Number of years, I = Interest earned A = P + I Where A = Amount received Calculation: I = 3900 – 1500 ⇒ I = Rs. 2400 Accordingly, 2400 = (1500 × R × 5) / 100 ⇒ 2400 × 100 / (1500 × 5) = R ⇒ R = 32% Now, rate of interest is reduced by 2% ⇒ New rate of interest is (32 – 2) = 30% I = (1500 × 30 × 5) / 100 ⇒ I = 2250 ⇒ A = 1500 + 2250 ∴ The received amount will be Rs. 3750.

An amount of Rs. 3900 is received on a principal amount of Rs. 1500 when kept at simple interest for 5 years. What will be the amount received if rate of interest decreases by 2%?1. Rs. 35502. Rs. 37503. Rs. 32504. Rs. 3450

Answer» Correct Answer - Option 2 : Rs. 3750

Given:

A = Rs. 3900

N = 5 years

P = Rs. 1500

Formula used:

I = PRN / 100

Where P = Principal amount, R = Rate of interest in %, N = Number of years, I = Interest earned

A = P + I

Where A = Amount received

Calculation:

I = 3900 – 1500

⇒ I = Rs. 2400

Accordingly,

2400 = (1500 × R × 5) / 100

⇒ 2400 × 100 / (1500 × 5) = R

⇒ R = 32%

Now, rate of interest is reduced by 2%

⇒ New rate of interest is (32 – 2) = 30%

I = (1500 × 30 × 5) / 100

⇒ I = 2250

⇒ A = 1500 + 2250

∴ The received amount will be Rs. 3750.

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