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Rakesh lent out ₹ 8750 at 7% annual interest, Find the simple interest in 3 yr.

₹ 1870
₹ 1837.50
₹ 1560
₹ 2200

Correct Answer: ₹ 1837.50

Explanation:

Given, P = ₹ 8750., R = 7% T = 3 yr
According to the formula.
SI = (P x R x T)/100 = (8750 x 7 x 3)/100
= ₹ 1837.50

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