If P = Rs. 1,500, R = 8.5%, and T = 2.5 years, find the simple interest.
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Rs. 318.75
Simple Interest = (P × R × T)/100
= (1500 × 8.5 × 2.5)/100
= 31875/100
= Rs. 318.75
Therefore, the simple interest is Rs. 318.75