A sum of Rs 1600 gives a simple interest of Rs 252 in the time period of 2 years and 4 months. What is the rate of interest per annum?

6.75%

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7.75%

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6.5%

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8.5%

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Solution

The correct option is A
6.75%

Given, P = Rs 1600 and Time = 2 years 4 months and I = 252

$T = 2 \frac{4}{12}$

$T = \frac{7}{3} y e a r s$

$We know that,$

$R = \frac{(100 \times I)}{(P \times T)}$

$= \frac{(100 \times 252 \times 3)}{(1600 \times 7)}$

= 6.75

Hence, the rate of interest is $6.75 %$ .

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A sum of Rs 1600 gives a simple interest of Rs 252 in the time period of 2 years and 4 months. What is the rate of interest per annum?

The correct option is A 6.75% Given, P = Rs 1600 and Time = 2 years 4 months and I = 252 T=2412 T=73years We know that, R=(100×I)(P×T) =(100×252×3)(1600×7) = 6.75 ​ Hence, the rate of interest is 6.75%.