A current price of table fan is 280.a customer pays 120 and remaining pays at the rate of 15rupees per month for 12 months.What is the rate of simple intrest?
Answers
Given:
The current price of the fan = Rs. 280
The customer pays Rs. 120 and remaining pays at the rate of Rs. 15 per month for 12 months
To find:
The rate of simple interest
Solution:
Here,
The current price of the table fan will be the sum of money i.e., P = Rs. 280
The amount will be the total money paid by the customer after 1 year
∴ Amount = Rs. 120 + (Rs. 15 * 12) = Rs. 120 + Rs. 180 = Rs. 300 ..... [We are taking 15 * 12 because the customer pays the remaining amount at the rate of Rs. 15 per month for 1 year]
The formula of the simple interest is given as,
- Amount, A = P + S.I.
Let "R"% be the rate of interest.
From the above two formulas we get
A - P =
⇒ 300 - 280 =
⇒ 20 × 100 = 280 × R
⇒ R =
⇒ R = 7.142%
Thus, the rate of simple interest is 7.142%.
-------------------------------------------------------------------------------------------------
Also View:
Find the simple interest on Rs 2000 for 6 months at the rate of 4 whole 1/2 % per annum.
https://brainly.in/question/7603553
At the rate of simple interest 5% per annum the monthly interest of a certain principal is Rupees 1. find the principal
https://brainly.in/question/7217616
Thus the rate of interest is R = 7.142%
Step-by-step explanation:
Given data:
- Current price of the fan = 280 Rs
- Payment by customer = 120 Rs
- per month payment = 15 Rs
To find: Rate of simple interest = ?
Solution:
The amount will be the total money paid by the customer after 1 year
Amount = 120 + (Rs. 15 x 12) Rs
Amount = 120 + 180 = 300 Rs
The formula of the simple interest is given as,
Amount, A = P + S.I.
Let "R"% be the rate of interest.
From the above two formulas we get
A - P = P.R.T / 100
300 - 280 =
20 × 100 = 280 × R x 1 / 100
R = 2000 /280
R = 7.142%