Oscar earned Rs. $2400$ as simple interest on Rs. ` $4500$ for $3$ months. What is the annual rate of interest?

16.66 %

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17.77 %

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18.88 %

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19.99 %

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Solution

The correct option is B $17.77 %$
Given, principal $= 4500$ , Interest $=$ Rs. $2400$ , period $= 3$ months
We know the formula,
Rate of interest, $R =$ $\frac{I \times 100}{P T}$
$\Rightarrow R =$ $\frac{2400 \times 100}{4500 \times 3}$
$\Rightarrow R = 17.77 %$
Therefore, the annual rate of interest is $17.77 %$ .

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Oscar earned Rs. 2400 as simple interest on Rs. `4500 for 3 months. What is the annual rate of interest?

The correct option is B 17.77%Given, principal =4500, Interest = Rs. 2400, period =3 monthsWe know the formula,Rate of interest, R= I×100PT⇒R= 2400×1004500×3⇒R=17.77%Therefore, the annual rate of interest is 17.77%.

Oscar earned Rs. $2400$ as simple interest on Rs. ` $4500$ for $3$ months. What is the annual rate of interest?