A bank pays RS .240 as interest for 2 years for a sum of Rs 3000 deposited as savings find the rate of interest
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Given :
• Simple Interest (SI) → Rs. 240
• Time (t) = 2 years
• Principal (P) = Rs. 3000
To calculate:
• Rate of interest (R)
Calculation:
Here, we'll apply the formula of the simple interest as a suitable equation to find the value of rate of interest (or unknown variable).
As we know that,
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Step 1 : Substituting the values we are given.
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Step 2 : Cancelling 2 in numerator and 100 in denominator by 2.
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Step 3 : Performing multiplication.
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Step 4 : Cancelling numerator and denominator in RHS by 50.
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Step 5 : Transposing 60 from RHS to LHS.
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Step 6 : Performing division.
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Some more information :
- Principal is also called sum.
- ★ Amount = Principal + Interest
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