If ₹1,200 earns ₹216 as interest in 3 years, what is the rate of interest?
Show answer & explanation
Correct answer: B
Explanation
Given:
SI = ₹216, P = ₹1200, T = 3 years
Simple Interest = P × R × T / 100
216 = 1200 × R × 3 / 100
216 = 36R
R = 216/36
R = 6%