Question

Find the amount and interest of ₹ 5000 kept for 2 years at 7 % rate of interest.​

Answer 1

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Answer 2

Answer:

The required answer is Amount = Rs 5700 and Simple Interest= Rs 700

Step-by-step explanation:

According to the question,

Principle, P= 5000

Time duration, T= 2 years

Rate of interest per annum, R = 7 %

We know,

Simple Interest, SI=  $\frac{P\times R\times T}{100}$

∴ SI= $\frac{5000 \times 7 \times 2}{100}$

=700

Amount = Principle + Simple Interest

= 5000+700

=5700

The amount and interest are Rs 5700 and Rs 700 respectively.