Question

6. Find the rate of simple interest if

(ii) the interest on 1000 for 5 years amounts to 300.​

Answer 1

$\blue{\huge{\underline{\underline{Answer:-}}}}$

Given:

Principal Rate(P) = Rs 1000

Time(T) = 5 years

Simple interest( I) = Rs 300

To find:

Rate of Interest (r) = ?

Method :

$\\ \\ I = Prt \\ I \: is \: simple \: interest \\ P \: is \: principal \: or \: initial \: value \\ t \: is \: time \: given \\ r \: is \: rate \: of \: interest$

$\\ 300 = 1000 \times r \times 5 \\ \ \\ \frac{300}{1000 \times 5} = r \\ \\ \frac{3}{50} = r \\ \\ 0.06 = r \\ \\ rate \: of \: interest \: is \: 0.06$

Rate of interest is calculated in percentage, so we have to multiply 0.06 with 100 to convert it into percentage

Rate of interest = 0.06 × 100 = 6%

Required Answer:

Therefore, the rate of interest is 6%