Question
Download Solution PDFCalculate the simple interest on ₹ 37,500 at the rate of 2% per annum for 4 years.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹37,500
Rate (r) = 2% per annum
Time (t) = 4 years
Formula used:
Simple Interest (SI) = P × r × t / 100
Calculation:
SI = 37500 × 2 × 4 / 100
⇒ SI = 37500 × 8 / 100
⇒ SI = 300000 / 100
⇒ SI = ₹3000
∴ The correct answer is option 2.
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