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Question

If Srujan has borrowed ₹8,500 at 6% rate of interest per annum, then calculate the simple interest paid by him after 3 years.

A
₹1,510
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B
₹1,520
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C
₹1,530
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D
₹1,540
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Solution

The correct option is C ₹1,530
Principal (P) = ₹8,500
Rate of interest (R) = 6% per annum
The time period for which interest to be paid (N) = 3 years
Assume Interest paid as I. I = (PNR)100
⇒ I = 8500×3×6100
⇒ I = ₹1,530

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