Mathematics
Grade-7
Easy
Question
If £200 is paid as interest towards a loan of £1000 over a period of 4 years, the rate of interest is _________.
- 5 %
- 1 %
- 8 %
- 6 %
Hint:
Use simple interest formula to find the rate of interest.
The correct answer is: 5 %
I = £200, P = £1000 , T= 4 years R = ?
I = PRT
£200 =£1000 × R × 4
R = 
= 0.05 = 5%
>>> 
.
>>> Rate of interest = 
= 5 %
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