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Q.

Find the simple interest on: Rs 3000 for 4 years at 8% per annum.

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a

Rs. 3000

b

Rs. 900

c

Rs. 1000

d

Rs. 960

answer is D.

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Detailed Solution

Concept- Simple method is a method of calculating the interest charge on a loan. It is the amount of interest charged on a sum at a given rate and for the particular period of time.
Simple interest = principal rate time 100
Step 1- using the simple interest formula-
Simple interest = principal rate time 100 Step 2 - Substituting the given values, we get,
Simple interest(SI) = (3000× 8×4)/100
SI = 30×8×4
SI = 960
The simple interest on Rs 3000 for 4 years at 8% per annum is Rs. 960.
Hence, the correct answer is option 4) Rs. 960

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