Sashi took a loan of Rs700 on simple interest for as many years as the rate of interest per annum If...........

Quantitative Aptitude (MTS) Simple Interest

Sashi took a loan of Rs700 on simple interest for as many years as the rate of interest per annum. If he paid Rs343 as interest at

the end of the loan period, what was the rate of interest?

This questions was previously asked in

SSC MTS 14th July 2022 Shift-1

10%

- Sashi took a loan of Rs700 on simple interest.

- The total interest paid was Rs343.

- The interest is calculated using the formula: Interest = Principal × Rate × Time.

- The time (in years) is equal to the rate (in percentage).

- So, the equation becomes: 343 = 700 × (Rate/100) × Rate.

- Simplifying: 343 = 7 × Rate², which means Rate² = 49.

- Hence, Rate = 7.

- Therefore, the correct rate of interest is 7%.

Correct Answer: Option 4: 7%

Submit Error