Interest Mcqs

Q.  A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest What is the rate of interest ?

a. 3%
b. 4%
c. 5%
d. 6%


ANSWER: See Answer
 
S.I. = Rs. (15500 – 12500) = Rs. 3000.
Rate = ( 100 X 3000/12500 X 4 )% = 6%.
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