Rs.1300 principle amounts to be Rs. 1560 in 5 years at simple interest

1.	Rs.1300 principle amounts to be Rs. 1560 in 5 years at simple interest. If the interest rate was 5% more, then find the amount.1. 18652. 17553. 16854. 1885
Answer» Correct Answer - Option 4 : 1885 Given: Increased rate = 5% Time = 5 year In 5 year Rs. 1300 amounts to be Rs. 1560. Concept: Simple interest = (Principle × Rate × Time)/100 Rate = (Simple interest × 100)/(Principle × Time) Simple interest = Amount – Principle Calculation: Simple interest = 1560 – 1300 = Rs. 260 Rate = (260 × 100)/(1300 × 5) = 4% New rate = 5% + 4% = 9% Simple interest = (1300 × 9 × 5)/100 = 585 Rs. Amount = Simple interest + Principle ⇒ 585 + 1300 ⇒ Rs. 1885 ∴ The amount is Rs. 1,885

Rs.1300 principle amounts to be Rs. 1560 in 5 years at simple interest. If the interest rate was 5% more, then find the amount.1. 18652. 17553. 16854. 1885

Answer» Correct Answer - Option 4 : 1885

Given:

Increased rate = 5%

Time = 5 year

In 5 year Rs. 1300 amounts to be Rs. 1560.

Concept:

Simple interest = (Principle × Rate × Time)/100

Rate = (Simple interest × 100)/(Principle × Time)

Simple interest = Amount – Principle

Calculation:

Simple interest = 1560 – 1300 = Rs. 260

Rate = (260 × 100)/(1300 × 5) = 4%

New rate = 5% + 4% = 9%

Simple interest = (1300 × 9 × 5)/100 = 585 Rs.

Amount = Simple interest + Principle

⇒ 585 + 1300

⇒ Rs. 1885

∴ The amount is Rs. 1,885

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