Question

Arun took a loan of rs. 1400 with simple interest for as many years as the rate of interest. if he paid rs.686 as interest at the end of the loan period, what was the rate of interest?

Answer 1

Answer:

Rate of interest = 7%

Step-by-step explanation:

Simple Interest (SI) = P N R / 100

P is the Principal loan amount = Rs.1400

N is the number of years of deposit

R is the rate of interest

It is given that the loan period is as many years as the rate of interest.

So, N = R

Interest at the end of the loan period (SI ) = Rs.686

So,

686 = 1400 * R * R /100

R^2 = 686*100 /1400

R^2 = 49

R = 7%

Answer 2

Answer:

Rate of interest (R) = 7%

Step-by-step explanation:

According to the problem given,

Principal (P) = Rs 1400,

Simple Interest (I) = Rs 686

Let Time (T)= n years

Rate of interest (R)=n %

/* We know that,

$\boxed { \frac{PTR}{100}= I }$*/

$Now, \\\frac{1400\times n \times n }{100}=686$

$\implies n^{2}=\frac{686 \times 100}{1400}$

$\implies n^{2}=49$

$\implies n = \sqrt{49}$

$\implies n = \sqrt{7^{2}}$

$\implies n = 7$

Therefore,.

Rate of interest (R)= n = 7%

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