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

Given:

P = Rs.1400, SI = Rs. 686

And:

Let rate = R%

Then:

Time (T) = R years

We know that:

$\huge\boxed{\sf{SI= \frac{PRT}{100}}}$

Substituting the values,

We get:

$\implies$ 686 = 1400 × R × R/ 100

$\implies$ 686 = 14 R^2

$\implies$ 49 = R^2

$\implies$ R = 7

Therefore:

Rate of Interest was 7%

Answer 2

SOLUTION ☺️

Let rate = R%

Then, time(T)= R years

P= Rs.1400

SI= Rs.686

SI= PR/100

=) 686= 1400×R×R/100

=) 686= 14R2

=) 49 = R2

=) R= √49

=) 7% [The rate of interest]

hope it helps ✔️