Question

A certain sum of money at simple interest amount to rs 1260 in 2 year and to rs 1350 in 5 years. Find the rate of interest per cent per annum

Answer 1

3 years simple interest = 1350-1260 = 90
yearly interest = 90/3 = 30
amount invested = 1260-(30×2) = 1200
interest rate = 30/1200×100 = 2.5%