AnuPriya has a wish to have a new house.so she took a bank loan of Rs. 12000 with
simple interest for as many years as the rate of interest. If she paid Rs. 2340 which
is the interest to be paid at the end of the loan period, what was the rate of interest?
6
O 6.14
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4.14
Answers
Rate of Interest = 4.41%
Step-by-step explanation:
Given :-
AnuPriya has a wish to have a new house.so she took a bank loan of Rs. 12000 with simple interest for as many years as the rate of interest.She paid Rs. 2340 which is the interest to be paid at the end of the loan period.
To find :-
What was the rate of interest?
Solution :-
Loan amount taken by AnuPriya from the bank = Rs. 12000
Let the rate of interest be R %
Number of years = R
Since as many years as the rate of interest
We know that
Simple Interest = PTR/100
=> SI = (12000×R×R)/100
=> SI = 12000R²/100
=> SI = 120×R²
=> SI = 120R²
Simple Interest for the end of the loan period is Rs. 120R²
Given that
The Simple Interest for the end of the loan period = Rs. 2340
=> 120R² = 2340
=> R² = 2340/120
=> R² = 234/12
=> R² = 39/2
=> R² = 19.5
=>R = √19.5
=> R = 4.41 %
Therefore, R = 4.41%
Answer:-
The Rate of Interest for the given problem is 4.41%
Used formulae:-
- Simple Interest = PTR/100
Where,
- P = Principle
- T = Time
- R = Rate of Interest
Answer:
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