Question : On a certain sum, the Simple Interest at the end of $6 \frac{1}{4}$ years becomes $\frac{3}{8}$ th of the sum. The Rate of interest is:
Option 1: 5%
Option 2: 6%
Option 3: 7%
Option 4: 8%

Question

Question : The simple interest on a sum of money for 3 years is Rs. 240 and the compound interest on the same sum at the same rate for 2 years is Rs. 170. The rate of interest is:
Option 1: $8$ %
Option 2: $29 \frac{1}{6}$ %
Option 3: $12 \frac{1}{2}$ %
Option 4: $5 \frac{5}{17}$ %

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Answer 1

Correct Answer: 6%

Solution : Given: Time = $6 \frac{1}{4}$ = $\frac{25}{4}$ years
Simple Interest = $\frac{3}{8} P$
According to the question
SI = $\frac{P×R×T}{100}$ , where $P$ is principal, $T$ is time in years and $R$ is the rate of interest per annum.
⇒ $\frac{3}{8} P$ = $\frac{P×R×25}{100 \times 4}$
⇒ $R$ = 6%
Hence, the correct answer is 6%.

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Question : On a certain sum, the Simple Interest at the end of 614 years becomes 38th of the sum. The Rate of interest is:Option 1: 5%Option 2: 6%Option 3: 7%Option 4: 8%

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Question : On a certain sum, the Simple Interest at the end of $6 \frac{1}{4}$ years becomes $\frac{3}{8}$ th of the sum. The Rate of interest is:
Option 1: 5%
Option 2: 6%
Option 3: 7%
Option 4: 8%