Question : If the period increases by 5 years, then simple interest increases by Rs. 3600 on a sum of Rs. 6000. What is the annual rate of interest?
Option 1: 15 percent
Option 2: 12 percent
Option 3: 12.5 percent
Option 4: 10 percent
Answer (1)
22nd Jan, 2024
Correct Answer: 12 percent
Solution :
Let the rate be $R$.
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
$⇒ 3600 = \frac{6000 × R × 5}{100}$
$⇒ 3600 = 300 × R$
$\therefore R= 12\%$
Hence, the correct answer is 12 percent.
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