# 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.

- 0.5%
- 2.5%
- 0.25%
- 1.5%

**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%.