Quantitative Aptitude • Simple & Compound InterestMedium
A sum of ₹15,000 becomes ₹22,500 in 5 years at simple interest. What is the rate of interest per year?
A. 50%
B. 12%
C. 6.67%
D. 10%✓ Correct Answer
💡 Solution & Explanation
Interest = amount − principal = ₹22,500 − ₹15,000 = ₹7,500. Rate = interest × 100 ÷ (principal × time) = 7,500 × 100 ÷ (15,000 × 5) = 10%. Check: 10% of ₹15,000 is ₹1,500 per year, and 5 years of that is ₹7,500.
More Quantitative Aptitude Simple & Compound Interest questions
- At what rate of simple interest per year will a sum of money double itself in 10 years?
- What is the simple interest on ₹29,000 at 4% per year for 6 years?
- What is the difference between the compound interest and the simple interest on ₹11,700 for 2 years at 10%…
- What is the compound interest on ₹30,000 for 3 years at 10% per year, compounded annually?
- The simple interest on a sum of money at 12% per year for 5 years is ₹3,000. What is the sum?