Rakesh lent an amount to Samarth for 6 years at a simple…

Rakesh lent an amount to Samarth for 6 years at a simple interest rate. At the end of the 6^th year, Samarth paid $8\over7$ of the amount to Rakesh to clear the amount. The rate of simple interest per annum was:

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Correct answer: C

Explanation

The correct answer is Option 3 i.e. $2\frac{8}{21}\%$ .

Amount paid = $8P\over7$

⇒ SI = $8P\over7$ - P = $P\over7$

⇒ SI = $PRT\over100$

⇒ $P\over7$ = $PR\times6\over100$

⇒ $1\over7$ = $R\times6\over100$

⇒ R = $100\over42$ = $50\over21$ = $2\frac{8}{21}\%$

SSC MTS 2024 PYQ — Question 8