Correct Answer - Option 3 : 24%
Given:
Principal = Rs.15800
Amount = Rs.21488
Time = 18 months
Concept used:
Simple interest
Calculation:
Si = \(\frac{{P\ \times R\ \times\ T}}{{100}}\)
Interest = Amount - Principal
Interest = 21488 - 15800
Interest = 5688
Rate = \(\frac{{{\rm{interest}}\ \times\ {\rm{100}}}}{{{\rm{Principal}}\ \times\ {\rm{Time}}}}\)
Rate = \(\frac{{5688\ \times\ {\rm{100}}\ \times\ {\rm{12}}}}{{15800\ \times\ 18}}\)
Rate = 24%
