Question

A money lender lends rs.60 and collects rs.66 at the end of four month the rate of interest payment

Answer 1

Amt = rs.66

Principal = rs.60

Simple Intrest = rs.66 - rs.60

= rs.6

Simple Intrest = PNR ÷ 100

6 = 60 ^ n ^4 ÷1200

6^ 1200 ÷ 240 = n

30 = n

Answer 2

Given,

A money lender lends rs.60 and collects rs.66 at the end of four months.

To Find,

The rate of interest =?

Solution,

We can solve the question as follows:

It is given to us that a money lender lends rs.60 and collects rs.66 at the end of four months. We have to find the rate of interest.

First, we will find the simple interest.

$Simple\: interest = Final\: amount - Principal\: amount$

Here,

$Final\: amount = Rs. 66\\Principal\: amount = Rs. 60$

Therefore, $Simple\: interest = 66 - 60 = Rs. 6$

Now,

$S.I. = \frac{PRT}{100}$

Where,

$S.I. = Simple\: interest\\P =Principal\: amount\\R = Rate\: of\: interest\\T = Time\: period$

From the given question,

$S.I. = Rs.\: 6\\P = Rs.\: 60\\R = ?\\T = 4\: months$

Since the time period is in months, unit conversion is required.

$12\: months = 1\: year$

$4\: months = \frac{4}{12}\: years$

Substituting the values in the above formula,

$6 = \frac{60*R*4/12}{100}$

$600 = 20R$

$R = \frac{600}{20} = 30$

Hence, the rate of interest is 30%.