find rate of interest if discount is $1500 on an amount $7500 in 3 years
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Assuming question is:
Find rate of interest if interest is $1500 on an amount $7500 in 3 years
Find interest for 1 year:
3 years = $1500
1 year = 1500 ÷ 3 = Rs 500
Find the interest rate:
Interest Rate = interest/principal x 100
Interest rate = 500/7500 x 100 = 6.67%
Answer: The interest rate is 6.67
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we have to find rate of interest if discount $1500 on an amount $7500 in 3 years.
S.I = $1500 , P = $7500 , t = 3 years
now, use formula, S.I = P × r × t/100
1500 = 7500 × r × 3/100
1 = 5 × r × 3/100
r = 100/15 = 20/3 = 6.67
hence, rate of interest = 6.67%
S.I = $1500 , P = $7500 , t = 3 years
now, use formula, S.I = P × r × t/100
1500 = 7500 × r × 3/100
1 = 5 × r × 3/100
r = 100/15 = 20/3 = 6.67
hence, rate of interest = 6.67%
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