Question

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

• A. 300
• B. 320
• C. 360
• D. 400

Answer 1

Answer:

C. 360

We use the Simple Interest (SI) formula:

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

Where:

• ( P = 3000 )

• ( R = 4% ) per year

• ( T = 3 ) years

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