What sum (in ₹) will earn a simple interest of ₹240 in 2 years at 8% per year rate of interest?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 1500.
Simple Interest (SI) = (P × R × T) / 100
where P is principal, R is rate, T is time
Given SI = 240, R = 8, T = 2
240 = (P × 8 × 2) / 100
P × 16 = 240 × 100
P × 16 = 24000
P = 24000 / 16
P = 1500