Yogesh borrowed Rs. 12000 at simple interest for 5 years, If he paid Rs. 3600 as simple interest after 5 years, What is the rate of interest per cent per annum?
Correct Answer: 6
Explanation:
Rate = [(interest x 100) / (Principal x Time)] %
= (3600 x 100) / (12000 x 5)
= 6 %
