The interest earned on ₹25000 in 5 years at simple interest is ₹1500. What is the rate of interest?
Answer & explanation
Correct answer: option 2
Simple interest = \(\frac{PRT}{100}\)
$1500=\frac{25000×R×5}{100}$
$R = 1.2\%$
The interest earned on ₹25000 in 5 years at simple interest is ₹1500. What is the rate of interest?
Correct answer: option 2
Simple interest = \(\frac{PRT}{100}\)
$1500=\frac{25000×R×5}{100}$
$R = 1.2\%$