Find the simple interest on₹550 for 8 months at 3 paise per rupee per month?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e ₹132.
Principal (P) = ₹550
Time (T) = 8 months
Rate (R) = 3 paise per rupee per month = 3% per month
Simple Interest (SI) = (P × R × T) / 100
⇒ (550 × 3 × 8) / 100
⇒ (13200) / 100 = ₹132