Vimala took a loan of Rs. 7200 on simple interest for as many years as the rate of interest. If she paid Rs. 5832 as interest at the end of the loan period, then the rate of interest is?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 9%
P = 7200
R = T
SI = 5832
ATQ,
SI = PRT/100
5832 = 7200 × R × R/100
81 = R2
R = 9%