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Ashok took a loan of Rs. 15000 for 3 years at simple interest . If the total interest paid is Rs. 2700. What is the rate of interest per annum?

18
5.4
9
6

Correct Answer: 6

Explanation:

∵ Rate = [(interest x 100) / (Principal x Time) ] %
⇒ Rate = (2700 x 100) / (15000 x 3) %
∴ Rate = 6%

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