Mathematics
Grade-7
Easy

Question

If £1500 is paid as interest towards a loan of £10000 over a period of 10 years, the rate of interest is _________.

  1. 4.5%
  2. 1.5%
  3. 3%
  4. 6%

hintHint:

Simple interest=P*T*R/100
R=100*S.I/P*T

The correct answer is: 1.5%


    P= £10000, R= ? , T = 10 years, I = £1500
    Simple interest, I = PRT
    £1500 = 10000 × R × 10
    R =  fraction numerator 1500 over denominator 10000 cross times 10 end fraction= 0.015 = 1.5%

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