Question

A person deposited ₹4000 in simple interest rate for 2 months. if the gets ₹ 60 as interest what is the rate of interest

Answer 1

Hola there,

Principal amount (P) = ₹4000

Time period (T) = 2 months = 2/12 = 1/6 years

Interest (S.I.) = ₹60

Rate(R) = ?

S.I. = P×R×T/100

=> 60 = (4000 × R × 1/6)/100

=> 60 × 100 × 6 = 4000 × R

=> 36000 = 4000 × R

=> R = 9

So, Rate of interest = 9%

Hope this helps...:)

Answer 2

The rate of interest is 9%.

Given:

Principal=₹4000

Interest=₹60

Time=2 months

To find:

The interest rate

Solution:

Let the interest rate be R.

We know that the simple interest is the product of the principal, rate, and time divided by 100.

Since the time is in months, we will divide it by 12 to convert it into years.

Simple interest=Principal×rate/100×time

Using the values,

60=4,000×R/100×2/12

60=40×R×1/6

6=4R/6

36=4R

9=R

So, the rate is 9%.

Therefore, the rate of interest is 9%.