Sharmila got a Rs. $1300$ loan for $5$ years. She paid Rs. $100$ in interest. What was the interest rate?

1.1 %

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1.3 %

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1.5 %

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1.7 %

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Solution

The correct option is C $1.5 %$
Given, principal $=$ Rs. $1300$ , Interest $=$ Rs. $100$ , period $= 5$ years
We know the formula,
Rate of interest, $R =$ $\frac{I \times 100}{P T}$
$\Rightarrow R =$ $\frac{100 \times 100}{1300 \times 5}$
$\Rightarrow R = 1.5 %$
Therefore, the interest rate is $1.5 %$ .

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Sharmila got a Rs. 1300 loan for 5 years. She paid Rs. 100 in interest. What was the interest rate?

The correct option is C 1.5%Given, principal = Rs. 1300, Interest = Rs. 100, period =5 yearsWe know the formula,Rate of interest, R= I×100PT⇒R= 100×1001300×5⇒R=1.5%Therefore, the interest rate is 1.5%.

Sharmila got a Rs. $1300$ loan for $5$ years. She paid Rs. $100$ in interest. What was the interest rate?