Question

What would be the interest obtained on an amount of Rs. 11480 at the rate of 7% per annum at simple interest after 3 years?
1. Rs. 3015.7
2. Rs. 2580.6
3. Rs. 3561.4
4. Rs. 4215.5
5. Rs. 2410.8

Answer 1

Correct Answer - Option 5 : Rs. 2410.8

Given:

Principal (P) = Rs. 11480

Rate of Interest (R) = 7%

Time (T) = 3 years

Concept Used:

SI = PRT/100

P = Principal, R = Rate of Interest and T = Time.

Calculation:

According to the question, we get

SI = PRT/100

⇒ SI = (11480 × 7 × 3)/100

⇒ SI = 24108/10

⇒ SI = 2410.8

∴ The simple interest on Rs. 11480 for 3 years is Rs. 2410.8