The following question has three statements. Study the question and the statements and decide which of the statement(s) is necessary to answer the question. Find the rate of simple interest per annum. I. Amit borrowed Rs. 15000 from Sumit for two years on simple interest. II. Amit returned Rs. 18000 to Sumit at the end of two years and settled the loan. III. The interest paid by Amit is Rs. 3000.?

Option 1 : Any two of them

Statement I;

Principal = Rs. 15000, T = 2 years

Interest = (P × R × T)/100

Interest = (15000 × R × 2)/100

∴ Rate = Interest/300

∴ Statement I alone is not sufficient to give the answer

Statement II;

Amount = Rs. 18000

Statement II alone is not sufficient to give the answer

Statement III;

It is just information so Statement II alone is not sufficient to give the answer

Statement I + Statement II;

Principal = Rs 15000, Amount = Rs 18000, time = 2 years, Interest = 18000 – 15000 = Rs 3000

∴ Rate = 3000/300 = 10%

∴ Data in Statement I and II is sufficient to give the answer

Statement I + Statement III;

Rate = 3000/300 = 10%

∴ Data in Statement I and III is sufficient to give the answer

Statement II + Statement III;

Amount = Rs 18000, time = 2 years, Interest = 3000

∴ Principal = 18000 – 3000 = 15000

∴ 3000 = (15000 × R × 2)/100

Rate = 3000/300 = 10%

∴ Data in Statement II and III is sufficient to give the answer