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The following question has three statements. Study the question and the statements and decide which of the statement(s) is necessary to answer the question. What amount is required to be paid to clear a debt of Rs. 66000 borrowed at a simple interest for 5 years? I) The rate of interest is 4%. II) The debt can be cleared in 2 years by paying an amount of Rs. 71280. III) The debt can be cleared in 4 years by paying an amount of Rs. 76560.

The following question has three statements. Study the question and the statements and decide which of the statement(s) is necessary to answer the question. What amount is required to be paid to clear a debt of Rs. 66000 borrowed at a simple interest for 5 years? I) The rate of interest is 4%. II) The debt can be cleared in 2 years by paying an amount of Rs. 71280. III) The debt can be cleared in 4 years by paying an amount of Rs. 76560. Correct Answer Any one

Principal = Rs. 66000, Time = 5 years

Simple interest = (Principal × Rate × Time)/100

Considering statement I,

Rate = 4%

Simple interest = (66000 × 4 × 5)/100 = Rs. 13200

Amount = Principal + SI = 66000 + 13200 = Rs. 79200

Considering statement II,

Amount in 2 years = 71280

SI = (66000 × Rate × 2)/100 = 71280 - 66000

⇒ Rate = 5280/1320 = 4%

Hence, in 5 years,

Simple interest = (66000 × 4 × 5)/100 = Rs. 13200

Amount = Principal + SI = 66000 + 13200 = Rs. 79200

Considering statement III,

Amount in 4 years = 76560

SI = (66000 × Rate × 4)/100 = 76560 - 66000

⇒ Rate = 10560/2640 = 4%

Hence, in 5 years,

Simple interest = (66000 × 4 × 5)/100 = Rs. 13200

Amount = Principal + SI = 66000 + 13200 = Rs. 79200

∴ The question can be answered using any one of the given statements

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