Find the simple interest (in ₹) on ₹2000 as a sum borrowed at 8% per year rate of interest for 2 years.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e 320.
Simple Interest = (Principal × Rate × Time) / 100
⇒ (2000 × 8 × 2) / 100 = 320
Simple Interest = ₹320