Find the simple interest (in ₹) on ₹3000 as a sum borrowed at an 8% per year rate of interest for 4 years.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2, i.e., 960.
Simple Interest = (Principal × Rate × Time) ÷ 100
SI = 3000 × 8 × 4 ÷ 100
SI = 96000 ÷ 100 = 960 ₹