Mathematics
Grade-7
Easy

Question

If Julie pays £18 per month till 2 years on borrowing £1400, _____ is the rate of interest.

  1. 15.4%
  2. 14.9%
  3. 20%
  4. 13.05%

hintHint:

Obtain the Rate of Interest from the given data by substituting them in the simple interest formula.

The correct answer is: 15.4%


    Simple interest  paid for 3 years = 18 ×12 × 2 = £432
    Simple interest, I = PRT
    432 = 1400 × R × 2
    R = fraction numerator 432 over denominator 1400 cross times 2 end fraction = 0.154 = 15.42 %

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