Question

Joshita borrowed Rs. $3,000$ for $3$ years and had to pay Rs.$1,000$ simple interest at the end of that time. What rate of interest did she pay?

• A. $11.11$
• B. $22.22$
• C. $33.33$
• D. $44.44$

Answer 1

The correct option is A $11.11$

$\Rightarrow$ $P=Rs.3000,T=3years$ and $S.I.=Rs.1000$.

$\Rightarrow$ $S.I.=\frac{P\times R\times T}{100}$

$\Rightarrow$ $1000=\frac{3000\times R\times 3}{100}$

$\Rightarrow$ $R=\frac{1000}{90}$

$\therefore$ $R=11.11\%$