Monty paid a simple interest of ₹480 on a particular sum after 2 years. The rate was 8% per annum. Find the sum.
Answer & explanation
Correct answer: option 3
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