Find the difference between the simple interest on ₹6,000 at 12% per annum for 3 years and 2 years.
Show answer & explanation
Correct answer: C
Explanation
Simple Interest (SI) = (P × R × T) / 100
Simple Interest for 3 years:
= (6000 × 12 × 3) / 100= ₹2160
Simple Interest for 2 years:
= (6000 × 12 × 2) / 100= ₹1440
Difference = 2160 - 1440= ₹720
Hence, the correct option is: ₹720