A sum of money amounts to 52,080 in 2 years and to 77,280 in 7 years, at simple interest. Find the sum and rate percentage of interest.
Answers
Answered by
7
Answer:
12%
Step-by-step explanation:
Principle + Interest for 7 years = ₹ 77280
Principle + Interest for 2 years = ₹ 52080
Interest for 5 years = ₹ (77280 - 52080) = ₹ 25200
Find the Interest for 2 years :-
Interest for 1 years = ₹ (25200/5) = ₹ 5040
Interest for 2 years = ₹ (5040 × 2) = ₹ 10080
Principle = 52080 - Interest for 2 years
= ₹ (52080 - 10080 )
= ₹ 42000
Rate = (100 × Interest for 2 years)/(principal × time) %
= (100 × 10080)/(42000 × 2) %
= 1008000/84000 %
= 12 %
Principle = ₹ 42000
Rate percent = 12 %
Similar questions