Question : The simple interest on a sum of INR 7,400 for 36 months is INR 888. What is the rate percentage of interest per annum?
Option 1: 3%
Option 2: 8%
Option 3: 5%
Option 4: 4%
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Correct Answer: 4%
Solution :
Given: Principal = INR 7,400
Time = 36 months = 3 years
Simple interest after 3 years = INR 888
Let the rate of interest be $r$%.
We know, Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
⇒ $888=\frac{7400\times r\times 3}{100}$
$\therefore r=4$%
Hence, the correct answer is 4%.
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