Question

Find rate of interest PR annum when 1500 gives an interest of 300 in 8 months

Answer 1

➤ Given :-

Principle :- ₹ 1500

Simple Interest :- ₹ 300

Time :- 8 months = ⅔ years

➤ To Find :-

Rate of interest for the given sum..............

➤ Formula required :-

${\tt \large \dashrightarrow \orange{\boxed{\tt \gray{\dfrac{SI \times 100}{P \times T}}}}}$

➤ Solution :-

Rate of interest :-

$\tt \longrightarrow \dfrac{300 \times 100}{1500 \times \dfrac{2}{3}}$

${\tt \longrightarrow \dfrac{300 \times \cancel{100}}{ \cancel{1500} \times \dfrac{2}{3}} = \boxed{\tt \dfrac{300 \times 1}{15 \times \dfrac{2}{3}}}}$

${\tt \longrightarrow \dfrac{300}{\dfrac{15 \times 2}{3}} = \dfrac{300}{\dfrac{30}{3}}}$

${\tt \longrightarrow \cancel \dfrac{300}{10} = \boxed{\tt 30 \bf\%}}$

$\Huge\therefore$ The rate of interest of the given sum is 30 ${\bf\%}$.

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$\dashrightarrow$ Some related formulas :-

Simple Interest :- ${\boxed{\tt\dfrac{P \times R \times T}{100}}}$

Principle :- ${\boxed{\tt\dfrac{SI \times 100}{R \times T}}}$

Time :- ${\boxed{\tt\dfrac{SI \times 100}{P \times R}}}$

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More to know..................

• Simple Interest is the extra amount to be given when a person borrows some money from a person or a bank. The person who gives money is called lender. The person who takes money is called borrower.
• Principal is the amount given at first from lender to borrower.
• Rate of interest is the extra amount to be given from borrower to lender. It is always written in percentage format.
• Time is given for the borrower to return back the given money with the given interest.