10 Adoya deposited sh 4000 for 2 years in a bank which paid 122% p.a. simple interest. What interest did he get after two years?
2 answers:
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Answer: Option (c) is correct. Rate of interest = 6% p.a.
Step-by-step explanation:
Given that,
principal amount = $2000(loan)
time period = 284 days
interest amount (SI) = $93.37
we have to calculate the rate of interest (i),
Simple interest(SI) = principal amount × rate of interest (i) × time period
93.37 = 2000 × i ×
i =
i = 0.06
i = 6%