Question
Download Solution PDFRani has borrowed an amount of ₹2,00,000 from a bank to start a business. How much simple interest will she pay at a rate of 7% per annum after 2 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹2,00,000
Rate (R) = 7% per annum
Time (T) = 2 years
Formula used:
Simple Interest (SI) = \(\dfrac{P \times R \times T}{100}\)
Calculations:
⇒ SI = \(\dfrac{2,00,000 \times 2 \times 7}{100}\)
⇒ SI = 28,000
∴ The correct answer is option 1.
Last updated on Jun 30, 2025
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