Question

Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 8% per year rate of interest for 5 years.

• A. 1240
• B. 1140
• C. 1200
• D. 1160

Answer 1

Answer:

C. 1200

Use the simple interest formula:

$SI = \frac{P \times R \times T}{100}$

$SI = \frac{3000 \times 8 \times 5}{100}$

$SI = \frac{120000}{100} = 1200$

Final Answer: ₹1200