Question

Using the simple interest formula, find the missing value.
$I=$ Rs. $1500$, $P=$ Rs. $15000$, $R=$ ___, $t=2$ years.

• A. $2\%$
• B. $4\%$
• C. $5\%$
• D. $6\%$

Answer 1

The correct option is C $5\%$

Given, $I=$ Rs. $1500$, $P+$ Rs. $15000$, $t=2$ years

We need to find rate of interest.

We know the formula,
Rate of interest, $R=$ $\frac{I\times 100}{PT}$
$\Rightarrow R=$ $\frac{1500\times 100}{15000\times 2}$
$\Rightarrow R=5\%$