Find the rate of interest per annum if the simple interest on Rs. 7500 for 2 years is Rs. 1500. Options 5% 8% 7% 10%

To find the rate of interest per annum, we can use the formula for simple interest which is:

I = PRT/100

where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time (in years)

In this case, we know that the Interest (I) is Rs. 1500, the Principal (P) is Rs. 7500, and the Time (T) is 2 years. We want to find the Rate (R).

Rearranging the formula to solve for R gives us:

R = I * 100 / (P * T)

Substituting the given values into the formula gives us:

R = 1500 * 100 / (7500 * 2)

Calculating the above expression gives us:

R = 10

So, the rate of interest per annum is 10%.