Calculate the principal whose monthly interest is Rs. 1 having the rate of simple interest of 5\% per annum. - Quantitative Aptitude MCQ Competitive Exams 2026 | ExamTest.live | ExamTest.live

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Calculate the principal whose monthly interest is Rs. 1 having the rate of simple interest of 5% per annum.

A $Rs. 300$
B $Rs. 120$
C $Rs. 240$
D $Rs. 480$

Solution & Step-by-step Explanation

Given parameters: Monthly Interest = Rs. 1 ⟹ Annual Interest (SI) = 1 \times 12 = Rs. 12 Rate of Interest (R) = 5% p.a. Time (T) = 1 year Using the formula SI = \frac{P \times R \times T}{100} : 12 = \frac{P \times 5 \times 1}{100} 12 = \frac{P}{20} ⟹ P = 12 \times 20 = Rs. 240

Practice this question

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Calculate the principal whose monthly interest is Rs. 1 having the rate of simple interest of 5% per annum.

A

Rs. 300

B

Rs. 120

C

Rs. 240

D

Rs. 480

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