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?

Question

Accepted Answer

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

Discussion & Comments