Anita took a loan of ₹8,000 at a simple interest rate of 7% per annum for 3 years. What will be the simple interest and the total amount she has to repay after 3 years?
Show answer & explanation
Correct answer: A
Explanation
Principal = 8000, Rate = 7%, Time = 3 years
Simple Interest = (P × R × T) / 100
SI = (8000 × 7 × 3) / 100 = 1680
Total Amount = 8000 + 1680 = 9680
SI = ₹1,680; Total = ₹9,680