Question

6. Mr. Thiru borrowed
Rs.50000/- for 3 years at Sl. If
the interest paid was
Rs.18000/- find the rate of SI? *​

Answer 1

The rate of S.I. is 12% p.a.

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Let's understand a few concepts:

To calculate the simple interest we will use the following formula:

$\boxed{\bold{Simple\:Interest = \frac{Principal\times Rate\times Time}{100} }}$

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Let's now solve the given problem:

The sum of money i.e., Principal borrowed = Rs. 50,000

The no. of years i.e., Time = 3 years

The simple interest = Rs. 18000

By substituting the given values in the above formula of simple interest, we get the equation as,

$18000 = \frac{50000\times Rate\times 3}{100}$

$\implies 18000 =500\times Rate\times 3$

$\implies 18000 =1500\times Rate$

$\implies Rate = \frac{18000}{1500}$

$\implies Rate = \frac{180}{15}$

$\implies \bold{Rate = 12\%}$

Thus, the rate of simple interest is 12% p.a..

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Answer 2

Information provided with us :

• Mr. Thiru borrowed Rs.50000/- for 3 years at Sl. If the interest paid was Rs.18000.

What we have to calculate :

Rate of interest?

Performing Calculations :

Clearly in the question it is given that,

• Principal (P) = Rs.50000
• Time (t) = 3 years
• Simple Interest (S.I.) = Rs.18000

As we know that,

$\boxed{\bf{S.I. \: = \: \dfrac{P \times R \times T}{100} }} \: \red\bigstar$

Here in this formula,

• P is Principal
• R is rate of interest
• S.I. is simple Interest
• T is time

Putting the values,

$\implies \: \sf{18000 \: = \: \dfrac{50000 \times R \times 3}{100} }$

$\implies \: \sf{18000 \: = \: \dfrac{ \cancel{50000} \times R \times 3}{ \cancel{ 100}} }$

$\implies \: \sf{18000 \: = \: \dfrac{5000 \times R \times 3}{ 10}}$

$\implies \: \sf{18000 \: = \: \dfrac{ \cancel5000 \times R \times 3}{ \cancel10}}$

$\implies \: \sf{18000 \: = \: \dfrac{500\times R \times 3}{1}}$

$\implies \: \sf{18000 \: = \: 500\times R \times 3}$

$\implies \: \sf{3R \: = \: \dfrac{18000}{500} }$

$\implies \: \sf{3R \: = \: \cancel\dfrac{18000}{500} }$

$\implies \: \sf{3R \: = \: \dfrac{180}{5} }$

$\implies \: \sf{3R \: = \: \cancel\dfrac{180}{5} }$

$\implies \: \sf{3R \: = \: 36 }$

$\implies \: \sf{R \: = \: \dfrac{36}{3}}$

$\implies \: \sf{R \: = \: \cancel\dfrac{36}{3}}$

$\implies \: \red{\bf{R \: = \: 12}}$

Therefore,

• Rate of interest is 12%