Find the simple interest on ₹15,000 at the rate of 7% p.a. for 3 years.
- A₹3,120
- B₹3,000
- C₹3,150
- D₹3,100
Solution & Step-by-step Explanation
The formula for Simple Interest (SI) is:
SI=
100
P×R×T
Given:
Principal (P) = ₹15,000
Rate of interest (R) = 7%
Time (T) = 3 years
SI=
100
15000×7×3
SI=150×21=3150
Therefore, the simple interest is ₹3,150.
SI=
100
P×R×T
Given:
Principal (P) = ₹15,000
Rate of interest (R) = 7%
Time (T) = 3 years
SI=
100
15000×7×3
SI=150×21=3150
Therefore, the simple interest is ₹3,150.