A sum of ₹18,000 gives a simple interest of ₹3,240 in 2 years and 3 months. The rate of interest per annum is:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 8%.
2 years and 3 months = 2.25 years
SI = (P × R × T)/100
⇒ 3240 = (18000 × R × 2.25)/100
⇒ 405R = 3240
⇒ R = 3240/405 = 8
Therefore, the rate of interest per annum is 8%.