Mr. Abhishek borrowed Rs. $600$ and returned Rs. $856.50$ at the end of $9$ years and $6$ months. What was the simple rate of interest percent per annum he paid?

4.5 %

p.a.

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5 %

p.a.

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6.5 %

p.a.

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7 %

p.a.

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Solution

The correct option is A $4.5 %$ p.a.
Principal $=$ Rs. $600$ ,
Amount $=$ Rs. $856.50$
Time $= 9$ yrs $6$ months $= 9 \frac{1}{2}$ yrs $= \frac{19}{2}$ yrs.
Interest $= 856.50 - 600 =$ Rs. $256.50$
Simple interest $= \frac{P \times R \times T}{100}$
$R = \frac{S.I. \times 100}{P \times T} = \frac{256.50 \times 100 \times 2}{600 \times 19} = 4.5 %$ p.a.

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Mr. Abhishek borrowed Rs. 600 and returned Rs. 856.50 at the end of 9 years and 6 months. What was the simple rate of interest percent per annum he paid?

The correct option is A 4.5% p.a.Principal = Rs. 600, Amount = Rs. 856.50Time =9 yrs 6 months =912yrs =192yrs.Interest =856.50−600= Rs. 256.50Simple interest =P×R×T100R=S.I.×100P×T=256.50×100×2600×19=4.5% p.a.

Mr. Abhishek borrowed Rs. $600$ and returned Rs. $856.50$ at the end of $9$ years and $6$ months. What was the simple rate of interest percent per annum he paid?