Question

After 3 years a d 4 months,when a farmer paid back a loan, he found that exactly half the amount that he paid back was intrest.At what rate of intrest had he taken the loan

Answer 1

Answer:

Step-by-step explanation:

Let the principal be ₹100

So interest=₹100

Let the rate of interest=R%p.a.

Time=3 years 4 months=10/3 years

Formula for calculating rate of interest

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R=100I/PT=(100×100)/(100×10/3)

=100×3/10=30%

So the rate of interest is 30% per annum.

Hope you got it.