Find the simple interest (in ₹) on ₹3500 as a sum borrowed at 5% per year rate of interest for 6 years.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e 1050.
Simple Interest = (Principal × Rate × Time) / 100
⇒ (3500 × 5 × 6) / 100
⇒ 105000 / 100 = ₹1050