Find the simple interest, when principal is Rs. 3000/- at the rate of 5% per annum for 2 years.
1. Rs. 303
2. Rs. 300
3. Rs. 305
4. Rs. 307
1. Rs. 303
2. Rs. 300
3. Rs. 305
4. Rs. 307
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Correct Answer – Option 2 : Rs. 300
Given:
Principal = Rs. 3000
Rate of interest = 5%
Time = 2 years
Formula used:
S.I = PRT/100
Calculation:
S.I = Rs. (3000 × 5 × 2)/100
⇒ Rs. 300
∴ The required simple interest is Rs. 300