Question

the simple interest on a sum of money for 5 years is 3/5of the Sum. find the rate percent per annum

Answer 1

S. I=(P*T*R)/100=(P*5*R)/100=(3/5)P
R=12%

Answer 2

The rate of interest per year is 12 %

Explanation:

Let us assume the sum is 100 %

After 5 years the interest is 3/5 of sum = 3/5 x 100 % = 60 %

Rate of interest per year = (60/5) % = 12 %