What is the simple interest on Rs.4,840 at 6% per annum for 10 years?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Rs.2,904.
Explanation:
The formula for calculating the simple interest is
S.I. = (P × R × T)/100
According to the question,
P = Rs.4,840, R = 6%, T = 10 years
⇒ S.I. = (4840 × 6 × 10)/100
⇒ S.I. = 484 × 6
⇒ S.I. = 2904
Hence, the simple interest is Rs.2,904