Multiple choice

A sum of Rs. 2400 was put on simple interest at a certain rate for 3 years. The amount of simple interest fetched was Rs. 432. Find the rate.

  1. 600%

  2. 60%

  3. 6%

  4. 0.6%

  5. 0.06%
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Simple Interest = (P * R * T) / 100. 432 = (2400 * R * 3) / 100. 432 = 72 * R. R = 432 / 72 = 6%.

AI explanation

Using the simple interest formula, Rate = (Simple Interest * 100) / (Principal * Time). Substituting the given values, Rate = (432 * 100) / (2400 * 3). This simplifies to 43200 / 7200, resulting in 6. The result is 6 percent.

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