A trader paid Rs 900 /- as simple interest for 3 years on the sum of Rs 4500/- Borrowed by him. find the rate of interest.
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Answer:
6⅔ %
Step-by-step explanation:
Let the Rate of interest be R.
Principal (P) = Rs.4500
Simple Interest (SI) = Rs.900
Time (T) = 3 years
SI = PRT/100
=> 900 = 4500 × R × 3/100
=> R = 20/3 %
=> Rate = 6⅔ %
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