Question

At what rate percent per annum will the simple interest on Rs 15000 be Rs 3000 in ? 2 1/2 * y * e * a * r * s

Answer 1

8%

Explanation:

STEP 1: State the formula for calculating the rate

`r= (100 * i)/(p * t)`

where r is the rate

i is the interest

p is the principal

t is the years

STEP 2: substitute the given values

`r = (100 * 3000)/(15000 * 2.5) \\ r = (300000)/(37500) \\ r = 8`