Question 86

Simple interest on a sum of Rs 6800 for 18 months is Rs 2244. What is the rate (in percentage) of interest per annum ?

Solution

Principal sum = Rs. 6800 and simple interest = Rs. 2244

Let rate of interest = $$r\%$$ and time period = $$\frac{18}{12}=1.5$$ years

=> Simple interest = $$\frac{P\times R\times T}{100}$$

=> $$\frac{6800\times r\times1.5}{100}=2244$$

=> $$102r=2244$$

=> $$r=\frac{2244}{102}=22\%$$

=> Ans - (D)

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