Exams › SSC CGL (Prelims) › General

Amit borrowed Rs. 1500 at simple interest for a number of years equal to the rate of interest. At the end of the loan term, he paid Rs. 540 as interest. What was the rate of interest?

1. 6%
2. 5%
3. 7%
4. 8%

Correct answer: 6%

Solution

Let the rate be \(r\%\), so time is also \(r\) years. Using \(SI = \frac{PRT}{100}\), we get \(540 = \frac{1500\cdot r\cdot r}{100}\), which gives \(r^2=36\) and hence \(r=6\).

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