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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