Mr. Patel borrowed Rs. 8000 from Mr. Chobey at simple interest. After 2 years he paid Rs. 800 more than what be borrowed and thus cleared the loan. What was the rate of interest ?
6
8
5
None of these
Correct Option: C
Rate = (Interest x 100) / (Principal x Time) = (800 x 100) / (8000 x 2) = 5%
