Question

Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 3% per year rate of interest for 4 years.

• A. 400
• B. 360
• C. 300
• D. 320

Answer 1

Answer:

B. 360

Given:

Principal (P) = ₹3000
Rate of Interest (R) = 3% per annum
Time (T) = 4 years

Formula for Simple Interest:

$SI = \frac{P \times R \times T}{100}$
Substitute the values:

$SI = \frac{3000 \times 3 \times 4}{100}$
$= \frac{36000}{100}$
$= 360$

Final Answer:

Simple Interest = ₹360