Find the simple interest on ₹2,700 for 8 months at 5 paise per rupee per month.

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SSC CGL 2022 Tier-I Official Paper (Held On : 07 Dec 2022 Shift 4)
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  1. ₹950
  2. ₹720
  3. ₹540
  4. ₹1,080

Answer (Detailed Solution Below)

Option 4 : ₹1,080
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Detailed Solution

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Given:

Principle = Rs. 2700

Time = 8 months = 8/12 year = 2/3 year

Rate of interest = 5 paisa per month = 5 × 12 paisa per year = 60 paisa per year = 60 %

Formula used:

SI = PRT/100

Calculation:

SI = (2700 × 60 × 2) / (100 × 3)

⇒ 9 × 120

⇒ 1080

∴ The SI will be Rs. 1080.

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