Final answer:
The simple interest accrued on a loan of Rs. 3000 at an interest rate of 8% per annum after two years is Rs. 480. The calculation uses the simple interest formula I = P × r × t, where P is the principal, r is the annual interest rate, and t is the time in years.
Step-by-step explanation:
The simple interest accrued by the trader after two years on a loan of Rs. 3000 at 8% per annum can be calculated using the formula for simple interest, which is: I = P × r × t, where I is the interest, P is the principal amount, r is the annual interest rate, and t is the time in years. So for a loan of Rs. 3000 at an interest rate of 8% for two years, the calculation would be: I = Rs. 3000 × 0.08 × 2, which equals Rs. 480. Therefore, the correct answer is a. Rs. 480.
For other examples, the interest from a $5,000 loan after three years with a simple interest rate of 6% is calculated as $5,000 × 0.06 × 3 = $900. On another loan of $10,000 for five years, if you receive $500 in simple interest, the interest rate charged is found using the simple interest formula rearranged to r = I / (P × t), which results in a rate of 1%.