A small business owner took a loan of Rs. 73000 from his friend. He repays the principal along with interest, totaling Rs. 73100 , after 1 day. The ra - Quantitative Aptitude MCQ Competitive Exams 2026 | ExamTest.live

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A small business owner took a loan of Rs. 73000 from his friend. He repays the principal along with interest, totaling Rs. 73100, after 1 day. The rate of simple interest per annum is

Solution & Step-by-step Explanation

Given: Principal (P) = Rs. 73000 Amount (A) = Rs. 73100 Interest earned (S I) = A - P = 73100 - 73000 = Rs. 100 Time (T) = 1 day = \frac{1}{365} years Using the formula for Simple Interest: S I = \frac{P \times R \times T}{100} 100 = \frac{73000 \times R \times \frac{1}{365}}{100} 100 = \frac{730 \times R}{365} Since \frac{730}{365} = 2 : 100 = 2 R ⟹ R = 5% The rate of simple interest per annum is 5% .

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A small business owner took a loan of Rs. 73000 from his friend. He repays the principal along with interest, totaling Rs. 73100, after 1 day. The rate of simple interest per annum is

10%

0.5%

5%

50%

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