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The simple interest on a sum of money is equal to the Principal and number of years is equal to the rate percent per annum. Find the rate percent.
1. 15%
2. 20%
3. 12%
4. 10%

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Correct Answer - Option 4 : 10%

Given:

SI is equal to the Principal,

The number of years is equal to the rate of interest

Concept Used:

SI = (P × N × R)/100,

Where,

P is Principal,

SI is Simple Interest,

N is total number of years,

R is rate

Calculation:

SI = P, and R = N,

Using in the formula,

P = (P × R × R)/100

⇒ 100 = R2

⇒ R = 10%

∴ Rate of interest is 10%.

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