Please enter the following details
Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 142
The simple interest accrued on an amount of Rs. 10,530 at the end of 5 years is Rs. 6,318. What is the rate of interest p.c.p.a. ?
Solution
Principal amount = Rs. 10,530
Let rate of interest = $$r$$ %
=> Simple interest = $$\frac{10530 \times r \times 5}{100} = 6318$$
=> $$r = \frac{6318 \times 100}{10530 \times 5}$$
=> $$r = 12$$ %
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
