What would be the simple interest on a principal amount of Rs. 2 lakh for 3 years at a rate of 8% per annum?
- ARs. 32,000
- BRs. 48,000
- CRs. 40,000
- DRs. 36,000
Solution & Step-by-step Explanation
Given:
Principal (P) = Rs. 2,000,00 (2 lakh)
Time (T) = 3 years
Rate of interest (R) = 8% per annum
The formula for Simple Interest (SI) is:
SI=
100
P×R×T
SI=
100
200000×8×3
SI=2000×24=Rs. 48,000
Principal (P) = Rs. 2,000,00 (2 lakh)
Time (T) = 3 years
Rate of interest (R) = 8% per annum
The formula for Simple Interest (SI) is:
SI=
100
P×R×T
SI=
100
200000×8×3
SI=2000×24=Rs. 48,000