Question

EXERCISE 26.2
1. Sachin obtained a loan of 6,000 from the bank to purchase a machine. After
3 years he returned an amount of 9,240 and freed from his loan. What is the
rate of simple interest p.c.p.a.?
(1) 18 (2) 16 (3) 12.5 (4) 20
I want brief and simple explanation ​

Answer 1

Answer:

Total interest he paid = 9240-6000 = 3240

now,

Simple interest = Principal * rate * time /100

here , Principal = 6000 , T = 3 years

just put values ,

3240 = 6000*3*Rate/100

180R = 3240

R = 18% (Ans.)

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Answer 2

Answer:

18%

Step-by-step explanation:

Above answer is perfect