What is the simple interest on ₹5000 at 10% per annum for 3 years?
Show answer & explanation
Correct answer: C
Explanation
Given:
Principal = ₹5,000
Interest Rate = 10% per annum
Time = 3 years
According to the formula:
Simple Interest = (Principal × Rate × Time) / 100
Simple Interest = (5,000 × 10 × 3) / 100
= 150,000 / 100
= 1,500
Simple Interest = ₹1,500