An amount of Rs. 16000 on Rs 60000 was gain in 5 years on simple interest.
Find the Rate %.
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Answer:
The simple interest formula for the calculator which is utilized to compute the overall gains accumulated is represented as:
A = P(1 + rt)
here:
A represents the Total accumulated Amount (principal + interest)
P represents the Principal Amount
r represents the Rate of Interest per year in decimal; r = R/100
t represents the Time Period (months or years)
To calculate the Interest on the Investments and loans
SI= P X RX T/100
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