Question

Find the simple interest on ₹ 15,000 at the rate of 8% per annum for 2 years (in Rupees)

• A. 4200
• B. 2400
• C. 2500
• D. 2200

Hint:

To calculate simple interest, always use the formula: \[ \text{Simple Interest} = \frac{P \times R \times T}{100} \] Make sure to check the units for time and rate before substituting values into the formula.

Answer 1

The Correct Option is B

Step 1: Formula for Simple Interest.
The formula for calculating simple interest is: \[ \text{Simple Interest} = \frac{P \times R \times T}{100} \] Where: \( P \) is the principal amount, \( R \) is the rate of interest per annum, and \( T \) is the time in years.

Step 2: Apply the given values.
Here, \( P = 15,000 \), \( R = 8\% \), \( T = 2 \, \text{years} \).
Now substitute the values into the formula: \[ \text{Simple Interest} = \frac{15,000 \times 8 \times 2}{100} = \frac{240,000}{100} = 2400 \]

Step 3: Conclusion.
Therefore, the simple interest is ₹ 2400.

Final Answer: ₹ 2400.