1 750 at 3% per annum for 2 years.
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Given:
Principle = Rs. 1750
Rate of Interest =3%
Time = 2 years
To find : Amount and Simple Interest
Solution:
Simple Interest refers to the interest which is charged on a loan taken.
Formula for Simple Interest = Principle × Rate of Interest × Time
100
= 1750 × 3× 2
100
= 105
Amount refers to the total sum which has to be returned back.
Amount = Principle + Interest
= Rs. 1750 + Rs. 105
= Rs. 1855
Therefore, Amount is equal to Rs. 1855 and Interest charged is equal to Rs. 105
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