Question

1. calculate the simple interest on a principal amount of rs 3000 at a rate of 4% per annum for 3 years.

a rs 450

b rs 360

c rs 480

d rs 400

Explanation:

Step1: Recall simple interest formula

The formula for simple interest (SI) is \( SI=\frac{P\times R\times T}{100} \), where \( P \) is principal, \( R \) is rate of interest, and \( T \) is time in years.

Step2: Substitute values

Given \( P = 3000 \), \( R = 4 \), \( T = 3 \). Substitute into the formula: \( SI=\frac{3000\times4\times3}{100} \).

Step3: Calculate numerator

First, calculate \( 3000\times4\times3 = 3000\times12 = 36000 \).

Step4: Divide by 100

Now, divide by 100: \( \frac{36000}{100}=360 \).

Answer:

b. Rs 360