Question

2. Find the rate of interest per annum for the following cases.

Principal = 1250, Interest = 250 Time = 4 years
Principal = 7000, Interest = 5250, Time = 5 years

Answer 1

Rate =250*100/1250*4

=5%

Rate =5250*100/7000*5

=15%

Formula used to find rate

=SI*100/P*T

Answer 2

Step-by-step explanation:

P=7000

R=?

T=5years

5%=5250

5%=P*R*T/100

5250=7000*R*5

5250/70*5

R=15%