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?

  1. 10.5%
  2. 12%
  3. 10%
  4. 15%
Pushpendra Pal Dean Asked on 14th September 2015 in Maths.
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1 Answer(s)

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%.

Anurag Mishra Professor Answered on 15th September 2015.
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