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A bank gives ₹1,500 as simple interest in one year on an amount of ₹60,000. What is the annual rate of simple interest (in percentage)?

  1. A
    3.5
  2. B
    3
  3. C
    2.5
  4. D
    5.5

Solution & Step-by-step Explanation

Given:
Simple Interest (SI) = ₹1,500

Principal (P) = ₹60,000

Time (T) = 1 year

The simple interest formula is:

SI=
100
P×R×T
​

Substituting the given values:

1500=
100
60000×R×1
​

1500=600R
R=
600
1500
​
=2.5%
The annual rate of simple interest is 2.5%.

Practice this question

Try it yourself before checking the explanation above.

A bank gives ₹1,500 as simple interest in one year on an amount of ₹60,000. What is the annual rate of simple interest (in percentage)?
A
3.5
B
3
C
2.5
D
5.5

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