Join WhatsApp Icon CAT WhatsApp Group
Question 10

The amount of simple interest accrued on an amount of Rs 28,500 in seven years is Rs 23,940 What is the rate of interest p.c.p.a ?

Simple Interest = S.I= $$\frac{n \times p \times r}{100 }$$

Given, S.I = 23940 , p = 28500 , n = 7

thus, r = $$\frac{23940 \times 100}{7 \times 28500}$$ = 12

Create a FREE account and get:

  • Banking Quant Shortcuts PDF
  • Free Banking Study Material - (15000 Questions)
  • 135+ Banking previous papers with solutions PDF
  • 100+ Online Tests for Free