Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 5% per year rate of interest for 4 years.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 600.
SI = PRT/100
where P is principal, R is rate of interest and T is time period.
According to the given question, SI = 3000 × 4 × 5/100
⇒ 3000/5 = 600