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Q:

On simple interest an amount becomes Rs. 812 in two years and Rs. 924 in four years. What is the rate of interest on that amount?

A) 7.2% B) 8%
C) 8.5% D) 9.3%

Answer:   B) 8%



Explanation:

We know, 

S.I = PTR/100 where P = principal amount, T = time, R = rate of interest

Here in the given data,

Interest for two years S.I = 924 - 812 = Rs. 112

Now, Principal amount P = 812 - 112 = Rs. 700 

Now,

R = S.I x 100/PT

R = 112 x 100/700 x 2

R = 11200/1400

R = 8%

 

Hence, the rate of interest R = 8%.

Subject: Simple Interest
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