Question

A person took a loan of Rs.52000 for 5 years at simple interest. If the total interest pald is Rs.13000, what is the rate of interest per annum?
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Answer 1

Given ;

Principal P = ₹52,000

Time t = 5 years

Interest I = ₹13,000

Formula :-

I = $\frac{P×R×T}{100}$

Inserting the values in formula ,

We get,

13000 = $\dfrac{52000 \times R \times 5}{100}$

13000 =$\dfrac{260000 \times R}{100}$

13000 =$2600 \times R$

$\dfrac{13000}{2600}$ = R

$\bf{5}$ = R

Therefore, rate of interest = 5%

$\bf{ \underline{Some Formulae}} \\ \\ \rightarrow \quad \sf P = \dfrac{100 \times S.I}{R \times T} \\ \\ \\ \rightarrow \quad T = \dfrac{100 \times S.I}{P \times R} \\ \\ \\ \rightarrow \quad R = \dfrac{100 \times S.I}{P \times T} \\ \\ \\ \rightarrow \quad A = P + S.I \\ \\ \\ \rightarrow \quad S.I = \dfrac{P \times R \times T}{100}$