Question

Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 7% per year rate of interest for 5 years.

• A. 1050
• B. 990
• C. 1010
• D. 1090

Answer 1

Answer:

A. 1050

Use the simple interest formula:
$SI = \frac{P \times R \times T}{100}$

$SI = \frac{3000 \times 7 \times 5}{100} = 1050$