1 View

Question : A sum of INR 12,000 amounts to INR 15,000 in 5 years at the rate of simple interest. What is the rate of interest per annum?

Option 1: 8%

Option 2: 7%

Option 3: 6%

Option 4: 5%


Team Careers360 8th Jan, 2024
Answer (1)
Team Careers360 21st Jan, 2024

Correct Answer: 5%


Solution : Given: Principal = INR 12,000, Total amount = INR 15,000
Time = 5 years
So, simple interest = 15000 – 12000 = 3000
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $3000=\frac{12000\times \text{Rate} \times 5}{100}$
⇒ Rate $=\frac{3000×100}{12000\times 5}$
⇒ Rate $=5\%$
Hence, the correct answer is 5%.

How to crack SSC CHSL

Candidates can download this e-book to give a boost to thier preparation.

Download Now

Know More About

Related Questions

TOEFL ® Registrations 2024
Apply
Accepted by more than 11,000 universities in over 150 countries worldwide
Manipal Online M.Com Admissions
Apply
Apply for Online M.Com from Manipal University
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books