A sum of Rs. 3000 yields an interest of Rs. 1080 at 12% per annum simple interest in how many years ?

A. 4 years B. 3 years C. 5 years D. $2 \frac{1}{2}$ years Answer: Option B
By using formula; $\begin{array}{l} \Leftrightarrow \frac{3000 \times 12 \times T}{100}=1080 \\ \Leftrightarrow T=\frac{108}{36}=3 \text { years } \end{array}$