Find the simple interest (in ₹) on ₹2000 as a sum borrowed at 7% per year rate of interest for 3 years.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 420.
Simple interest = PRT/100
where P is Principal, R israte of interest and T is time period.
According to the given question,
SI = 2000 × 3 × 7/100
⇒ SI = 20 × 21
⇒ SI = 420