A money lender charged rs 120 as simple interest on a sum of rs 400 for 4 months.the rate of interest per annum will be?
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Given simple interest= SI = 120
Rate of Interest Per annum= R= i= ??
Time = T= n = 4 months.. 4 /12 = 0.25 year
Principal Amount = 400
we know that
Simple Interest = PTR/100
120= 400*0.25*R/100
120×100/(400*0.25)= R
120×100 /100 = R
120 = R
so the rate of interest is 120%
Rate of Interest Per annum= R= i= ??
Time = T= n = 4 months.. 4 /12 = 0.25 year
Principal Amount = 400
we know that
Simple Interest = PTR/100
120= 400*0.25*R/100
120×100/(400*0.25)= R
120×100 /100 = R
120 = R
so the rate of interest is 120%
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