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Simple Interest

How much inte...

Question

How much interest would you have to pay on ₹4000 borrowed at 10% p.a simple interest for one year?
400

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Solution

The correct option is A 400
Given: Principal = ₹4000
Rate of interest = 10%
Time period = 1 year

We know that,

$SI = \frac{P R T}{100}$

$= \frac{₹ 4000 \times 10 \times 1}{100}$

$= ₹ 400$

Interest to be paid = ₹400

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