Find the simple interest (in ₹) on ₹4000 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 320.
Simple Interest = (Principal × Rate × Time) ÷ 100 = (4000 × 4 × 2) ÷ 100 = 320