Practice mode Simple Interest

Salman borrows Rs. 2,400 at 1.5% per month simple interest. How much interest does he owe after 2 years?

Correct answer C. Rs. 864

Explanation

Rate = 1.5 × 12 = 18% per annum. SI = 2400 × 18 × 2 / 100 = Rs. 864.

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