Find the simple interest (in ₹) on ₹3000 as a sum borrowed at 8% per year rate of interest for 2 years.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 480.
SI = (3000 × 8 × 2) ÷ 100
SI = (48000 ÷ 100) = 480
Simple Interest = ₹480