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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?

A

₹ 400

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B

₹ 200

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C

₹ 600

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D

₹ 800

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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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