A sum of Rs2 400 gives a simple interest of Rs504 in 3 years Find the rate of interest per annum ........

Quantitative Aptitude (MTS) Simple Interest

A sum of Rs2,400 gives a simple interest of Rs504 in 3 years. Find the rate of interest per annum.

This questions was previously asked in

SSC MTS 20th July 2022 Shift-1

10%

To find the rate of interest per annum, follow these steps:

- Formula: Simple Interest (SI) = (Principal × Rate × Time) / 100

- Given: Principal (P) = Rs 2400, SI = Rs 504, Time (T) = 3 years

- Substitute: 504 = (2400 × Rate × 3) / 100

- Simplify: 504 = 72 × Rate

- Calculate: Rate = 504 / 72 = 7%

Correct Answer: Option 4, 7%.

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