Question : Simple interest received by a person in 12 years on a principal of INR 12000 is 120% of the principal. What is the annual rate of interest?
Option 1: 20%
Option 2: 12%
Option 3: 10%
Option 4: 5%
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Correct Answer: 10%
Solution : Principal, $P$ = INR 12000 Term, $n$ = 12 years Simple interest, SI = 120% × $P$ = $\frac{120P}{100}$ Let $R$ be the rate of interest. SI = $\frac{PnR}{100}$ ⇒ $\frac{120P}{100}$ = $\frac{P×12×R}{100}$ ⇒ $R$ = $\frac{120}{12}$ = 10% Hence, the correct answer is 10%.
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