How much simple interest will ₹5,000 earn in 14 months at a 12% interest rate per annum?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. ₹700.
Simple Interest (SI) = (P × R × T)/100
= (5000 × 12 × 14/12)/100
= 70000/100
= 700
Therefore, ₹5,000 will earn ₹700 in simple interest in 14 months at a 12% interest rate per annum.