What is the rate of simple interest at which Rs. 14,000 gives interest
Posted on 14-04-2023
Ques - What is the rate of simple interest at which Rs. 14,000 gives interest of Rs. 1960 in two years?
(a) 4%
(b) 5%
(c) 7%
(d) 10%
Solution -
Given,
S.I = 1960
P = 14,000
T = 2
R = ?
S.I = (P×R×T) / 100
1960 = ( 14,000 × R × 2 ) / 100
1960 = 280 × R
R = 1960/280
R = 7
Therefore,
The Rate of simple interest is 7%.
Hence,
The correct answer is option (c) 7%.
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