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.
Answer: (a) 0.5%
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
Hence, the rate of simple interest is 0.5%.