Question

A sum.of amount to rs 7440in 3 yrs and to rs 8400 in 5 yrs by simple interest find rate of interest

Answer 1

Answer:

Rate of interest  = 8%

Step-by-step explanation:

Formula:-

Simple interest = PNR/100

It is given that,

A sum.of amount to rs 7440in 3 yrs and to rs 8400 in 5 yrs by simple interest

Find the two year interest

two year interest = 8400 - 7440 = 960

To find one year interest

Since here we calculate simple interest, then

one year interest = 2 year interest/2 = 960/2 = 480

To find Principle amount

We have a sum of amount to rs 7440in 3 yrs

3 year interest = 480*3 =1440

we can write,

P = 7440 - 1440 = 6000

To find rate of interest

I = PNR/100

1440 = (6000*3*R)/100

R =144/18 = 8%

Answer 2

Hope you understood my answer