Question

The simple interest for ₹1500 at 8% per annum for 3 years is

(a) ₹400
(b) ₹360
(c) ₹450
(d) ₹500

Answer 1

It is given that,
Sum (P) = ₹1500
Rate (R) = 8%
Time (T) = 3 years

$$\begin{gathered} I=\frac{P\times R\times T}{100} \\ =\frac{1500\times 8\times 3}{100} \\ =360 \end{gathered}$$

Therefore, simple interest (I) = ₹360

Hence, the correct option is (b).