Question

calculate the rate of interest on a sum of ₹1200 for 3 years if the simple interest recieved is ₹360​

Answer 1

Answer:

Rate of interest is 10%

Step-by-step explanation:

Given, Principal Amount (P) = 1200 Rs

No. of years (N)= 3

Simple Interest (I) = 360 Rs

Rate of interest (R)= ?

We know,

I=(P× N×R)/100

360= ( 1200×3×R)/100

R= 360×100/ 1200×3

=36000/3600

=10%