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Simple & Compound Interest · Question 1 of 60

Question 1

EasyOriginal question

Meenakshi deposits ₹8,000 in a savings scheme that pays simple interest at 6% per annum. How much interest does she earn in 3 years?

Options for question 1

Show the answer and explanation
CorrectNot quiteAnswer B

Correct answer: B

Explanation

  1. SI=P×R×T100=8000×6×3100\text{SI} = \frac{P \times R \times T}{100} = \frac{8000 \times 6 \times 3}{100}.

  2. SI = ₹1,440.

Worth noting

₹480 is only one year's interest, and ₹9,440 is the amount (principal + interest), not the interest.

Concept
Simple interest from SI = PRT/100
Typical time
35 s
Your time
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The rule this testsSimple interest
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