Question
Download Solution PDFThe interest earned on Rs. 21,000 in 3 years at simple interest is Rs. 6,400. What is the rate of interest per annum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
The interest earned on Rs. 21,000 in 3 years at simple interest is Rs. 6,400
Concept used:
S.I = P × R × T / 100
( P = Principal , R = Rate of interest, T = Time)
Calculation:
S.I =6400
As per formula
6400 = 21000 × R × 3 / 100
⇒ R =6400/630
⇒ R =10\(\frac{10}{63}\)%
∴ The correct option is 4
Last updated on Jul 17, 2025
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