A bank gives ₹1,500 as simple interest in one year on an amount of ₹60,000. What is the annual rate of simple interest (in percentage)?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. 2.5.
SI =
here, P = Principal, R = Rate, and T = Time
⇒ 1500 =
⇒ R =
⇒ R = 2.5%