Question

Ankur borrowed Rs 1500 from a financer. After 3 /1_2 years, he paid Rs 2655 to the financer and cleared the account. Find the rate of interest charged.​

Answer 1

Answer:

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Step-by-step explanation:

We have P=Rs.1500,T=4years and R=5%

⇒  We need to calculate total amount paid by person after 4 years = Principal+SimpleInterest

⇒  P+  

100

P×R×T

⇒  1500+  

100

1500×5×4

= 1500+300=Rs.1800

∴    Toatal amount paid by person after 4 years is Rs.1800