Question

At what rate of simple interestem will rs. 5000 amount to rs.6050 in 3 years and 4months

Answer 1

Answer:

Step-by-step explanation:

principle = rs.5000

amount = rs. 6050

simple interest = amount - principle = rs.1050

time = 3 + 4/12 = 10/3 years

S.I. = [P * R * T]/100 

1050 = [ 5000 * R * 10]/300

1050 * 3/ 50 * 10 = R

or R = 6.3%

Answer 2

Answer:

Step-by-step explanation:

Formula : A = P (1 + rt)

where, A = total accrued (Principal + Interest)

P = Principal amount; I = Interest; r = rate; T = Tenure

r = (1/t) (A/P-1)

= (1/40) (6050/5000 - 1) = 0.00525

Converting r to R as percentage:

R = 0.00525 * 100 % = 0.525 % per month

R = 0.525 % per month * 12 months = 6.3 % per month