Find the simple interest (in ₹) on ₹3500 as a sum borrowed at 3% per year rate of interest for 4 years.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e 420.
Simple Interest = (Principal × Rate × Time) / 100
⇒ (3500 × 3 × 4) / 100 ⇒ 42000 / 100 = ₹420