Question

the simple interest on a sum for 5 years is 3/5th of the sum. the rate of interest per annum is:

Answer 1

Let the principal be 100

Si=p×r×t/100
3/5×100=100r×5/100
60=5r
60/5=r
12=r

Rate is 12 %

Answer 2

100×5×r=3/5×100 500r=300/5. r=60/500 6/50percent