Question

avinash borrowed Rs5000 from sanjay at simple interest.after 3 years sanjay got Rs300 more than what he had given to avinash.what is the rate of interest per annum?

Answer 1

Heya!

Given -

P = 5000
R = x
T = 3 years
SI = 300 = 5000x × 3/ 100

Then R = x = (300 × 100/ 3)/ 5000 = 2%

Hope it helps!