Question : What is the Simple Interest on Rs. 5,400 in 5 years at the rate of 12% per annum?
Option 1: Rs. 2,700
Option 2: Rs. 2,950
Option 3: Rs. 3,120
Option 4: Rs. 3,240
Answer (1)
23rd Jan, 2024
Correct Answer: Rs. 3,240
Solution :
Sum = Rs. 5400
Time = 5 years
Rate = 12%
We know, Simple interest $=\frac{\text{Principal × Rate × Time}}{100}=\frac{5400×5×12}{100}=$ Rs. 3,240
Hence, the correct answer is Rs. 3,240.
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