Multiple choice

Find the simple interest (in Rs.) on a sum of Rs. 3,000 borrowed at a rate of 6% per year for 4 years.

  1. 680

  2. 660

  3. 720

  4. 760
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Simple Interest = (P * R * T) / 100 = (3000 * 6 * 4) / 100 = 30 * 24 = 720.

AI explanation

Using the simple interest formula, Simple Interest = (Principal * Rate * Time) / 100. Substituting the given values into the formula, we get Simple Interest = (3000 * 6 * 4) / 100. Multiplying the numbers in the numerator gives 72000, and dividing by 100 gives 720. The result is Rs. 720.

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