Question

An interest of RS 2400 was paid for 1 year on a principal of RS 30,000. Rate of interest is​

Answer 1

Answer:

Simple rate of interest is 8 %

Step-by-step explanation:

Given : Interest amount (I) = 2400 Rs

            Term ( T) = 1 year

            Principal amount ( P) = 30,000 Rs

            Interest Rate (R) = ?

Solution : We know  Simple Interest formula

            I = (PxTxR) / 100

           R = I x 100 / P x T

              = 2400 x 100 / 30000 x 1

             = 8 %