Question

at what rate will Rs.3300 amount to Rs.3960 in 4 years at simple interest
please explain with step by step​

Answer 1

Simple Interest is (360-300)=Rs60

by using the formula of simple interest we can find the rate percent

SimpleInterest=

100

P×T×R

60=

100

300×4×R

60=12R

R=5%

If the rate of interest is increased by 1% rate will be 6%

Amount will be=Principal+ Simple interest

Simple interest will be==

100

300×4×6

=72

Amount will be=(300+72)=Rs372