A weaver cooperative society takes a loan of Rs. 15,000 for buying a power loom. After 5 years, the society has to repay Rs. 22,125 for recovering the - Quantitative Aptitude MCQ Competitive Exams 2026 | ExamTest.live

mediumMCQCompetitive Exams2026Quantitative Aptitude

1 mark

A weaver cooperative society takes a loan of Rs. 15, 000 for buying a power loom. After 5 years, the society has to repay Rs. 22, 125 for recovering the loan. Find the rate of simple interest per annum.

Solution & Step-by-step Explanation

Given parameters: Principal (P) = Rs. 15, 000 Amount (A) = Rs. 22, 125 Time (T) = 5 years First, calculate the Simple Interest (SI): SI = A - P = 22, 125 - 15, 000 = Rs. 7, 125 Using the formula SI = \frac{P \times R \times T}{100} : 7, 125 = \frac{15 , 000 \times R \times 5}{100} 7, 125 = 150 \times 5 \times R 7, 125 = 750 \times R R = \frac{7 , 125}{750} = \frac{285}{30} = \frac{57}{6} = 9.5% = 9 \frac{1}{2} % p.a.

Try it yourself before checking the explanation above.

A weaver cooperative society takes a loan of Rs. 15, 000 for buying a power loom. After 5 years, the society has to repay Rs. 22, 125 for recovering the loan. Find the rate of simple interest per annum.

9 \frac{1}{2} % p.a.

8 \frac{1}{2} % p.a.

5 \frac{1}{3} % p.a.

6 \frac{1}{2} % p.a.

Practice with timed mock tests and track your performance across Quantitative Aptitude.