Question

Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 9% per year rate of interest for 2 years.

• A. 540
• B. 560
• C. 500
• D. 520

Answer 1

Answer:

A. 540

Given:

• Principal (P = 3000)

• Rate (R = 9%) per annum

• Time (T = 2) years

  Simple Interest formula:

$\text{SI} = \frac{P \times R \times T}{100}$
$= \frac{3000 \times 9 \times 2}{100}$
$= \frac{54000}{100} = 540$