Question

Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 6% per year rate of interest for 4 years.

• A. 660
• B. 680
• C. 760
• D. 720

Answer 1

Answer:

D. 720

Use the simple interest formula:

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

Here,
(P = 3000), (R = 6%), (T = 4) years

$\text{SI} = \frac{3000 \times 6 \times 4}{100}$

$= \frac{72000}{100}$
= 720

Simple Interest = ₹720