Question

At what rate of simple interest will 4800 amount of 6480 in a span of 7 years

Answer 1

Answer:

5%

Step-by-step explanation:

Sum = 4800

Amount = 6480

Time = 7

SI = Amount - Sum

SI = 6480 - 4800

SI = 1680

As we know,

SI = Sum * Rate * Time / 100

1680 = 4800 * Rate * 7 / 100

1680 = 48 * Rate * 7

1680 = 336 * Rate

1680/336 = Rate

5% = Rate