What will the simple interest earned on an amount of Rs. 15000 in 8 months at the rate of 5% per annum? (Rs. = Rupees)
a. Rs. 400
b. Rs. 500
c. Rs. 600
d. Rs. 700
EXPLANATION
Interest Rate
5% p.a is for 12 months
5% —–> 12
x% ——> 8
5/12*8= 10/3%
Interest = 15,000*10/300 = Rs 500
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