Q.At a monthly interest rate of 2%, the interest on 350 rupees for \(1\frac{1}{3}\) years will be— (a) ₹ 120 (b) ₹ 112 (c) ₹ 124 (d) ₹ 130
Answer: B
Principal \((p) = 350\) rupees
Time \((t) = 1\frac{1}{3} = \cfrac{4}{3}\) years
Interest rate \((r) = 2 × 12\% = 24\%\)
\(\therefore\) Total interest amount \((I) = \cfrac{ptr}{100}\)
\(= \cfrac{350 × \cfrac{4}{3} × 24}{100}\)
\(= \cfrac{\cancel{350}14 × \cfrac{\cancel4}{\cancel3} × \cancel{24}8}{\cancel{100}\cancel4}\)
\(= 112\) rupees.
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