Find the simple interest (in ₹) on ₹3500 as a sum borrowed at a 4% per year rate of interest for 3 years.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4, i.e., 420.
Simple Interest = (P × R × T) / 100
P = 3500, R = 4%, T = 3 years
SI = (3500 × 4 × 3) ÷ 100
= 42000 ÷ 100 = 420