Question

Rondell's parents borrow $6,300 from the bank for a new car. The interest rate is 6% per year. How much simple interest will they pay if they take 2 years to repay the loan?

A) 556 B) 665 C) 756 D) 856

Answer 1

Gɪᴠᴇɴ :-

• Principal (P) = 6300
• Rate (R) = 6%
• Time (T) = 2 years

ᴛᴏ ғɪɴᴅ :-

• Simple Interest (S. I.)

sᴏʟᴜᴛɪᴏɴ :-

We know that,

$\implies \sf \: Simple \: Interest(SI)\: = \frac{Prinipal(P)\: \times Rate(R) \times Time(T)}{100} \\ \\ \\ \implies \sf \: SI = \frac{PRT}{100} \\ \\ \\ \implies \sf \: SI \: = \frac{6300 \times 6 \times 2}{100} \\ \\ \\ \implies \sf \: SI = \cancel\frac{75600}{100} \\ \\ \\ \implies \sf \: SI = 756$

Hence,

• Simple Interest (S. I.) =756

Therefore,

• Option (c) 756 is correct.

Answer 2

${\mathbf {\blue{S}{\underline{\underline{olution:-}}}}}$

$\mathfrak{\underline{AnswEr:-}}$

• The required Simple Interest = Rs.756

$\mathfrak{\underline{Given:-}}$

• The given principal is 6300.
• The interest rate is 6% per year.
• The given time is 2 years.

$\mathfrak{\underline{Need\:To\: Find:-}}$

• The required Simple interest = ?

${\mathbf {\blue{E}{\underline{\underline{xplanation:-}}}}}$

$\:\:\:\:\dag\bf{\underline \green{Formula\:used\:here:-}}$

$\bigstar{\underline{\boxed{\sf\purple{Simple\: Interest = \dfrac{P \times R \times T}{100} }}}}$

$\:\:\:\:\dag\bf{\underline \blue{Putting\:the\:values:-}}$

$</p><p>\longrightarrow \sf {Simple\: Interest = \dfrac{6300 \times 6 \times 2}{100} }$

$</p><p>\longrightarrow \sf {Simple\: Interest = \dfrac{37800 \times 2}{100} }$

$\longrightarrow \sf {Simple\: Interest = \dfrac{\cancel{75600}}{\cancel{100}} }$

$\longrightarrow\large\boxed{\sf{\purple{Simple\: Interest = 756}}}$

$\:\:\:\:\dag\bf{\underline{\underline \pink{Hence:-}}}$

• The required Simple Interest is Rs. 756.

$\rule{200}{2}$