Question

The simple interest on a certain sum of money is $\frac{3}{8}$th of the sum in $6\frac{1}{4}$ years. Find the rate per cent charged.

• A. $5$%
• B. $6$%
• C. $7$%
• D. $10$%

Answer 1

The correct option is B $6$%

Simple Interest $\left(I\right)=\frac{PNR}{100}$

Given,
$I=\frac{3}{8}P$

$N=6\frac{1}{4}=\frac{25}{4}$ years

So, $\frac{3}{8}P=\frac{P\times \frac{25}{4}\times R}{100}$

$=>R=6$ %