SSC MTS 2022 Question Paper Shift 1 (July 20th)

Question 66

A sum of ₹2,400 gives a simple interest of ₹504 in 3 years. Find the rate of interest per annum.

Solution

A sum of ₹2,400 gives a simple interest of ₹504 in 3 years.

$$simple\ interest=\frac{principal\times\ rate\times\ time}{100}$$

$$504=\frac{2400\times\ rate\times3}{100}$$
$$504=24\times\ rate\times3$$
$$\frac{504}{24\times\ 3}=rate$$
$$\frac{504}{72}=rate$$
rate of interest per annum = 7%

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