Question

A sum of Rs. 25000 becomes Rs. 27250 at the end of 3 years when calculated at simple interest. Find the rate of interest.

Answer 1

Answer:

Rate of Interest=3%

Step-by-step explanation:

Given Sum i.e,Principal(P)=25000

Amount(A)=27250

Time Period(T)=3yr

we know that,

Simple Interest I=PTR/100

where R=Rate of Interest,Hence

A=P+I

27250=25000+[25000×3×R/100]

27250-25000=750×R

2250=750×R

R=3