Mahesh borrowed a sum of ₹14,000 at a certain rate of simple interest for 4 years. If he paid an interest of ₹3,500 at the end of the period at x% per annum rate of interest, the value of x is:​

Correct option is B

Given:

Principal (P) = ₹14,000;

Time (T) = 4 years;

Simple Interest (SI) = ₹3,500;

Rate of interest = x% per annum.

Formula Used:

SI = $$\frac{P \times R \times T}{100}$$​​

Solution: 

Applying the formula;

3500 = $$\frac{14000 \times x \times 4}{100}$$​​

3500 = $$\frac{56000x}{100}$$​​

3500 = 560x

x = $$\frac{3500}{560}$$​ = 6.25

Thus, rate of interest is 6.25%