Quantitative Aptitude • Simple & Compound InterestEasy
What is the simple interest on ₹7,000 at 8% per year for 5 years?
A. ₹2,800✓ Correct Answer
B. ₹560
C. ₹9,800
D. ₹3,360
💡 Solution & Explanation
Simple interest = principal × rate × time ÷ 100 = 7,000 × 8 × 5 ÷ 100 = ₹2,800. The interest is the same every year (₹560 per year). The total amount after 5 years would be ₹9,800, but the question asks only for the interest.
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