Find the simple interest (in ₹) on ₹3500 as a sum borrowed at a 7% per year rate of interest for 5 years.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2, i.e., 1225.
Simple Interest = (P × R × T) / 100
P = 3500, R = 7%, T = 5 years
SI = (3500 × 7 × 5) ÷ 100
= (122500) ÷ 100 = 1225