Question

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

Answer 1

put the formula
r=I*100/p*t
thank u

Answer 2

Answer:

• The required rate interest = 7%

Given:

• Arun took a loan of ₹ 1400 with simple interest for as many years as the rate of interest. If he paid ₹686 as interest at the end of the loan period.

Need to find:

• The required rate of interest = ?

Solution:

Formula used here:

• Simple Interest = P × R × T/100

Putting the values:

➪ 686 = 1400 × R × R/100

➪ 686 = 14 R²

➪ Rate of interest ² = 49

➪ Rate of interest = 7%

Therefore:

• The required rate of interest is 7%.

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