Question

Armaan took
5000 on loan from a bank at the rate
01 r % p.a. simple interest. After 6 years, he had to
pay 5400 interest. Find the value of r.​

Answer 1

After 6 years, he had to pay Rs. 5400 interest on a loan of Rs. 5000, then the value of r is 18%.

Step-by-step explanation:

The loan, taken by Armaan from the bank, P = Rs. 5000

Time period, T = 6 years

The interest that Armaan had to pay after 6 years, S.I. = Rs. 5400

Rate of interest is given as “r”% .

Required formula:

Simple Interest, S.I. = $\frac{P*R*T}{100}$

By substituting the given values in the formula, we get

$5400 = \frac{5000 * r * 6}{100}$

⇒ 5400 = 50 * 6 * r

⇒ r = $\frac{5400}{50 * 6}$

⇒ r = $\frac{5400}{300}$

⇒ r = 18%

Thus, the value of r is 18%.

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