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If a person earns $120 as simple interest on a principal of $800 in 2 years, wha

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Question: If a person earns $120 as simple interest on a principal of $800 in 2 years, what is the rate of interest per annum?

Options:

  1. 5%
  2. 6%
  3. 7.5%
  4. 8%

Correct Answer: 6%

Solution: 

Rate = (Simple Interest × 100) / (Principal × Time) = (120 × 100) / (800 × 2) = 7.5%.

If a person earns $120 as simple interest on a principal of $800 in 2 years, wha

Practice Questions

Q1
If a person earns $120 as simple interest on a principal of $800 in 2 years, what is the rate of interest per annum?
  1. 5%
  2. 6%
  3. 7.5%
  4. 8%

Questions & Step-by-Step Solutions

If a person earns $120 as simple interest on a principal of $800 in 2 years, what is the rate of interest per annum?
  • Simple Interest Calculation – Understanding how to calculate simple interest using the formula: SI = (Principal × Rate × Time) / 100.
  • Rate of Interest – Determining the rate of interest from the simple interest earned, principal amount, and time period.
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