₹ P is deposited for n number of months in a recurring deposit account which pays interest at the rate of r% per annum. The nature and time of interest calculated is :

1. compound interest for n number of months

2. simple interest for n number of months

3. compound interest for one month

4. simple interest for one month

Mohit opened a Recurring deposit account in a bank for 2 years. He deposits ₹1,000 every month and receives ₹25,500 on maturity. The interest he earned in 2 years is:

1. ₹13,500

2. ₹3,000

3. ₹24,000

4. ₹1500