Question
If £1500 is paid as interest towards a loan of £10000 over a period of 10 years, the rate of interest is _________.
- 4.5%
- 1.5%
- 3%
- 6%
Hint:
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 = 
= 0.015 = 1.5%
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