Quantitative Aptitude • Simple & Compound InterestEasy
What is the simple interest on ₹29,000 at 4% per year for 6 years?
A. ₹6,960✓ Correct Answer
B. ₹35,960
C. ₹8,120
D. ₹1,160
💡 Solution & Explanation
Simple interest = principal × rate × time ÷ 100 = 29,000 × 4 × 6 ÷ 100 = ₹6,960. The interest is the same every year (₹1,160 per year). The total amount after 6 years would be ₹35,960, but the question asks only for the interest.
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