Mr. Joshua borrowed Rs. $5000$ for $2$ years to make home improvements. If he repaid a total of Rs. $15, 000$ , at what interest rate did he borrow the money?

15 %

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25 %

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35 %

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45 %

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Solution

The correct option is B $25 %$
Given:
Principal $= 5, 000$
Interest $= 15000 - 5000 = 10000$
We know the formula,
Rate of interest, $R =$ $\frac{I \times 100}{P T}$
$\Rightarrow R =$ $\frac{5000 \times 100}{10000 \times 2}$
$\Rightarrow R = 25 %$

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Mr. Joshua borrowed Rs. 5000 for 2 years to make home improvements. If he repaid a total of Rs. 15,000, at what interest rate did he borrow the money?

The correct option is B 25%Given:Principal =5,000Interest =15000−5000=10000We know the formula,Rate of interest, R= I×100PT⇒R= 5000×10010000×2⇒R=25%

Mr. Joshua borrowed Rs. $5000$ for $2$ years to make home improvements. If he repaid a total of Rs. $15, 000$ , at what interest rate did he borrow the money?

The correct option is B $25 %$
Given:
Principal $= 5, 000$
Interest $= 15000 - 5000 = 10000$
We know the formula,
Rate of interest, $R =$ $\frac{I \times 100}{P T}$
$\Rightarrow R =$ $\frac{5000 \times 100}{10000 \times 2}$
$\Rightarrow R = 25 %$