The simple interest on a principal amount (in ₹) is ₹576 for a period of 3 years at the rate of 6% per annum. The principal amount (in ₹) is?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1, i.e., 3200.
Simple Interest = (P × R × T) ÷ 100
⇒ 576 = (P × 6 × 3) ÷ 100
⇒ 576 = (P × 18) ÷ 100
⇒ 576 × 100 = P × 18
P = 57600 ÷ 18 = 3200