Simple Interest - Arithmetic Aptitude Questions and Answers

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What percentage of simple interest per annum did Anand pay to Deepak?

I. Anand borrowed Rs. 8000 from Deepak for four years.

II. Anand returned Rs. 8800 to Deepak at the end of two years and settled the loan.

I alone sufficient while II alone not sufficient to answer

II alone sufficient while I alone not sufficient to answer

Either I or II alone sufficient to answer

Both I and II are not sufficient to answer

Both I and II are necessary to answer

Answer : Option A

Explanation :

Let the rate be R% p.a.

I gives, P = Rs. 8000 and T = 4 years.

II gives, S.I. = Rs. (8800 - 8000) = Rs. 800.

R =			\([\frac { 100*S.I } {P.T } ]\)	=	\([\frac { 100800 } { 80004 }]\)			%= 2\(\frac { 1 } { 2 } \)		% p.a.