Monty paid a simple interest of ₹480 on a particular sum after 2 years. The rate was 8% per annum. Find the sum.

₹2,200 ₹2,000 ₹3,000 ₹2,500

₹3,000

Interest= Rs 480 time = 2 years Rate = 8% if P = 100% , then Interest= Rate × Time                                        =  8× 2 = 16%  ATQ  16% = Rs 480 1%   =  Rs 30 10% =  Rs 300 Answer