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Simple interest

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  1. Ashok took a loan of Rs. 15000 for 3 years at simple interest . If the total interest paid is Rs. 2700. What is the rate of interest per annum ?
    1. 18
    2. 5.4
    3. 9
    4. 6
Correct Option: D

∵ Rate = [(interest x 100) / (Principal x Time) ] %
⇒ Rate = (2700 x 100) / (15000 x 3) %
∴ Rate = 6%


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