A sum of Rs.5000 is lent for 4 years at

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

A sum of Rs.5000 is lent for 4 years at the rate of 15% per annum. Find simple interest.

Options:

4000

4500

2700

3000

Correct Answer:

3000

Explanation:

The total Simple Interest received in 4 years = 15 × 4 = 60%

Simple Interest = Principal × 60%

= 5000 × 60%

= Rs.3000/-