Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 8% per year rate of interest for 6 years.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 1440.
Simple Interest = PRT/100
where P is Principal, R is rate of interest and T is time period.
According to the given question,
SI = 3000 × 6 × 8/100
⇒ SI = 30 × 48
⇒ SI = 1440