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Simple Interest

Find the inte...

Question

Find the interest on ₹4500 at 5% interest rate deposited in the bank for 2 years.

A

₹350

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B

₹400

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C

₹450

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D

₹275

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Solution

The correct option is C
₹450

Given: Principal, P = ₹4,500
Rate of interest, R = 5%
Time, T = 2 years

$We know that simple interest, S I = \frac{P \times R \times T}{100}$

$\Rightarrow Interest at the end of two years, = \frac{4, 500 \times 5 \times 2}{100} = ₹ 450$

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