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Find the simple interest on Rs 10,000 borrowed at 15 per cent per annum for 2 years.
ARs 1,500
BRs 2,500
CRs 3,000
DRs 3,500
Answer & Solution
Correct answer: C. Rs 3,000
1. Interest for one year = (15/100) x 10000 = Rs 1,500.
2. Under simple interest the principal never changes.
3. Interest for 2 years = 1500 x 2 = Rs 3,000.
4. The amount repayable would be 10000 + 3000 = Rs 13,000.
_Source: NCERT Class 8 Maths Ch7 'Comparing Quantities', Example 7_
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