The interest earned on Rs. 15000 in 3 years at simple interest is Rs. 5400. Find the rate of interest per annum.

A. 11.5%

B. 12%

C. 12.5%

D. 15%

Answer: Option B

Solution(By Examveda Team)

$$\eqalign{ & {\text{Rate}} = \frac{{{\text{S}}{\text{.I}}{\text{.}} \times {\text{100}}}}{{{\text{Principal}} \times {\text{Time}}}} \cr & \,\,\,\,\,\,\,\,\,\,\,\,\, = \frac{{5400 \times 100}}{{15000 \times 3}} \cr & = 12\% \,{\text{Per annum}}{\text{.}} \cr} $$