Find the simple interest (in ₹) on ₹3500 as a sum borrowed at 4% per year rate of interest for 2 years.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 280.
Simple Interest (SI) = (P × R × T) / 100
P = 3500, R = 4, T = 2
SI = (3500 × 4 × 2) / 100
SI = (3500 × 8) / 100
SI = 28000 / 100
SI = 280