At what rate will a sum of ₹1,500 earn ₹360 as simple interest in 3 years?
Show answer & explanation
Correct answer: A
Explanation
Given:
SI = ₹360, P = ₹1500, T = 3 years
Simple Interest = P × R × T / 100
360 = 1500 × R × 3 / 100
360 = 45R
R = 360/45
R = 8%