Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 9% per year rate of interest for 2 years.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e 540.
Simple Interest = (Principal × Rate × Time) ÷ 100
⇒ (3000 × 9 × 2) ÷ 100
⇒ (3000 × 18) ÷ 100
⇒ 54000 ÷ 100 = ₹540