Quantitative Aptitude • Simple & Compound InterestEasy
In how many years will ₹31,000 earn a simple interest of ₹3,720 at 6% per year?
A. 4 years
B. 6 years
C. 2 years✓ Correct Answer
D. 3 years
💡 Solution & Explanation
Interest for one year = 6% of ₹31,000 = ₹1,860. The total interest is ₹3,720, so the time = 3,720 ÷ 1,860 = 2 years. Using the formula: time = interest × 100 ÷ (principal × rate) = 3,720 × 100 ÷ (31,000 × 6) = 2.
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