Find the simple interest (in ₹) on ₹3500 as a sum borrowed at 7% per year rate of interest for 2 years.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 490.
Simple Interest = (P × R × T) / 100
= (3500 × 7 × 2) / 100
= 490