Mathematics
Grade-7
Easy

Question

If £600 is paid as interest towards a loan of £1500 over a period of 8 years, the rate of interest is _________.

  1. 0%
  2. 2%
  3. 5%
  4. 8%

hintHint:

Obtain the rate of interest from the given data by substituting them in a simple interest formula.

The correct answer is: 5%


    I = £600, P = £1500 , T = 8 years, R = ?
    I = PTR
    600 = 1500 × 8 × R
    R = 600/(1500 x 8)= 0.05 = 5%

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