What is the simple interest on a princip

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

What is the simple interest on a principal of ₹24,000 for 4 years at the rate of 5% per annum?

Options:

₹4,800

₹3,600

₹5,600

₹5,000

Correct Answer:

₹4,800

Explanation:

We know ,

Simple Interest = \(\frac{Principal ×Rate × Time }{100}\)

= \(\frac{24000 ×5× 4 }{100}\)

= Rs. 4800