# Find Rate percent/annum, if Interest on Money is Given

If the interest on a sum of money be 1 paisa per rupee per month, what is the rate percent per annum?

- 10.5%
- 12%
- 10%
- 15%

**Answer: (2) 12%**

**Explanation:-
Given-
**Simple Interest = 1 paisa per month

Let the rate of interest be R%.

**Simple Interest = Principal x Time x Rate/100**

Then, 1/100 = 1 x 1 x R/100 x 12

1 = R/12

R = 12%

Then, the rate percent of per annum is 10%.

Hence, the answer is (2) 12%.