Simple & Compound Interest · Question 1 · Easy
What is the simple interest on ₹5,000 at 8% per annum for 3 years?
- ₹1,000
- ₹1,200
- ₹1,250
- ₹1,500
Answer and explanation
Answer: B. ₹1,200
Explanation: SI = P × R × T / 100 = 5,000 × 8 × 3 / 100 = ₹1,200.
Next: At what rate of simple interest per annum will a sum double itself in 8 years?
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