The interest earned on Rs. 15000 in 3 yr simple interest is Rs. 5400. Find the rate interest per annum. |
A) 11.5%
B) 12%
C) 12.6%
D) 15%
E) 18%
Correct Answer: B
Solution :
P = Rs. 15000, Time(t) = 3yr |
Simple interest (SI) = Rs. 5400, Rate (r) =? |
From the formula, |
\[SI=\frac{P\times r\times t}{100}\]\[\Rightarrow \]\[5400=\frac{15000\times r\times 3}{100}\] |
Rate of interest, r = 12% |
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