If the simple interest on ₹ 15,000 for 4 years is ₹ 3,600, what is the rate of interest?
Show answer & explanation
Correct answer: B
Explanation
Given:
SI = 3600, P = 15000, T = 4
Simple Interest = P × R × T / 100
3600 = 15000 × R × 4 / 100
3600 = 600R
R = 3600/600
R = 6%