Question

A sum of money lent out at simple interest amounts to rs 2200 in 1 years and rs 2800 in 4 years find the sum of money and the rate of interest

Answer 1

Answer:

Principle = Rs.2,000 ; Rate of Interest = 10%

Step-by-step explanation:

Amount after 1 Yr = Rs,2,200

Amount after 4 yrs = Rs.2,800

Hence, Interest for 3 yrs = 2800-2200 = 600

Interest for 1 yr = 600/3 = 200

Principle = Amount - Interest = 2200 - 200 = 2000

Rate of interest = (Interest / Principle)*100 = (200/2000)*100 = 10