Question

At what rate will Rs.6000 get Rs.1080 as simple interest in 3 years??​

Answer 1

1080=6000*r*3/100

r=1080/180

r=108/18

r=6%

Answer 2

Given,

Rs.6000 gets Rs.1080 as simple interest in 3 years.

To Find,

The rate of interest =?

Solution,

We can solve the question as follows:

It is given that Rs.6000 gets Rs.1080 as simple interest in 3 years. We have to find the rate of interest.

$Principal\: amount = Rs.\: 6000$

$Simple\: interest = Rs.\: 1080$

$Time = 3\: years$

$Rate =?$

The formula for simple interest is given as:

$Simple\: interest = \frac{Principal*Rate*Time}{100}$

Substituting the given values in the above formula,

$1080 = \frac{6000*Rate*3}{100}$

We will solve the above equation to find the rate.

$1080 = 60*Rate*3$

$1080 = 180*Rate$

$Rate = \frac{1080}{180}$

$Rate = 6$%

Hence, the rate of interest is 6%.