determine the simple interest rate applied to a principal over 20 years , if the total interest paid equals to the borrowed principal.
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The rate of the interest is 5%
Given data :
Time given for the interest = 20 years
And, according to the circumstances mentioned in the
The amount of the interest = The total amount of the principal money
Let, the rate = r% ( assume, r = variable to calculate the rate of interest)
And, the principal = interest = x ( assume, x = variable to calculate the rate of interest)
• Now,we have calculate the amount of interest by using the following formula :
I = P×R×T
• Now,
Interest = ( Principal × Rate × Time)/100
x = (x × r × 20)/100
x = rx/5
5x = rx
rx = 5x
r = 5
So,the rate of the interest is 5%. (Answer)
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