Question

Q.44) If the simple interest on Rs.30,000 for 4 years is Rs.9,600, the rate

of interest p.a. is
) 6%

b) 10%

c) 8%

d) 7.5%​

Answer 1

Given - Interest, principal and time

Find - Rate of interest

Solution - The rate of interest is 8%.

The formula to be used for calculation is -

Simple Interest = Principal*Rate of interest*Time/100

Rate of interest = 9600*100/(30000*4)

Performing multiplication in numerator and denominator to find the value of the rate of interest.

Rate of interest = 96/12

Performing division to find the value of the rate of interest.

Rate of interest = 8

Thus, the rate of interest is 8%.