Sashi took a loan of ₹700 on simple interest for as many years as the rate of interest per annum. If he paid ₹343 as interest at the end of the loan period, what was the rate of interest ?

6% 4% 10% 7%

7%

We know , Simple Interest = \(\frac{Principal ×Rate × Time }{100}\) Rate = Time in years 343 = \(\frac{700 ×Rate × Rate }{100}\) ( Rate )² = 49 Rate = 7%