Question

11. Shikhar paid 31,062.50 to clear his debt after 2.5 years for a loan of 25,000. What was
rate of interest​

Answer 1

Step-by-step explanation:

As you know

Simple Interest=[P(Principle)×T(Time)×R(Rate)]/100

so Total Amount - SI=Principle

so 31,062.5-SI=25,000

=31,062.5-25,000=SI

=6,062.5=Simple Interest

=6,062.5=[25,000(P)×2.5(T)×R]/100

250×2.5×R=6,062.5

=625×R=6,062.5

R=6,062.5/625

=9.7

So, the rate of interest = 9.7