Question

2. If the interest on Rs 6000 is? Rs 1260 for 3 years, the rate of interest must be
1)8%2) 7% 3)6% 4)5%​

Answer 1

Step-by-step explanation:

P = ₹6000

SI = ₹1260

T = 3 years

So we know,

SI = P*R*T/100

So,

R = SI *100 / P*T

R = 1260 * 100 / 6000 * 3

R = 7%

So us answer is 2) 7%

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Answer 2

Given: The interest on Rs 6000 is? Rs 1260 for 3 years.

To find: The rate of interest.

Solution:

The interest on a sum of money can be calculated using the following formula.

$I = \frac{P*R*T}{100}$

Here, I is the interest, P is the principal amount of money, R is the rate of interest and T is the time period in years. Now, the given values in the question are substituted for the terms in the formula.

$1260 = \frac{6000*R*3}{100}$

On rearranging and solving further, the value of the rate of interest is found.

$R = \frac{1260*100}{6000*3}$

   $= 7$

Therefore, the rate of interest must be 7%.