Lakshmi took a loan of Rs. 1500 with simple interest for as many years as the rate of interest. If she paid Rs. 960 as interest at the end of the loan period, what was the rate of interest?	Choose the correct choice from the following
A) 8 B) 7 C) 6 D) 5 E) 4
Let rate = R% and time = R years.   Then, (1500 * R * R) / 100 = 960   15R2 = 960   R2 = 64 =&gt; R = 8   8nswer:8
<result>A</result>
Lakshmi took a loan of Rs. 1500 with simple interest for as many years as the rate of interest. If she paid Rs. 960 as interest at the end of the loan period, what was the rate of interest?