Ashok took a loan of rs. 15000 for 3 years with a simple interest. If the total interest paid is rs.2700, what is the rate of simple interest ?
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Interest = Principle*Number of years*Rate/100
2700 = 15000*3*R/100
Rate of interest R = 2700*100/15000*3 = 6%
Rate of interest is 6%
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