Find out the Rate of Simple Interest.

Simple Interest of the sum of Rs 1500 is Rs. 30 in 4 years and Rs. 60 in 8 years. Find out the rate of Simple interest.

  1. 0.5%
  2. 2.5%
  3. 0.25%
  4. 1.5%

 

Monis Rasool Professor Asked on 2nd June 2015 in Maths.
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  • 1 Answer(s)

    Answer: (a) 0.5%
    Explanation:-
    Given-
    Simple Interest  = Rs.30,  Principal = Rs.1500 and time = 4 years
    Formula –   Rate = SI x 100/P x T
    Put the value,
    Rate = 30 x 100/1500 x 4
    = 0.5%

    Hence, the rate of simple interest is 0.5%.

    Anurag Mishra Professor Answered on 2nd June 2015.
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