find simple interest on rupees 2250 for 2 years at the same rate on which 5250 amount to rupees 5932.50 in 3 and half years
Answers
Simple interest on rupees 2250 for 2 years at the same rate on which 5250 amount to rupees 5932.50 in 3 and half years will be 167.14
Step-by-step explanation:
The entire question can be divided into two parts for better understanding and following formula will be used:
Simple Interest = (P*R*T)/100
where P = Principal Amount
R = Rate
T = Time
Firstly, 5250 amount to rupees 5932.50 in 3 and half years will help to find the rate of simple interest:
Simple Interest = Amount - Principal
Simple Interest = 5932.50 - 5250 = 682.50
Also, Simple Interest = (P*R*T)/100
where Simple Interest = 682.50
Principal = 5250
R = Need to find
T = 3.5
By putting the values, we get:
Simple Interest = (P*R*T)/100
682.50 = (5250*R*3.5)/100
682.50 = (18375*R)/100
Cross Multiplication
(682.50*100)/18375 = R
3.71% = R
So, Rate of Interest is 3.71% approx.
Now, we will work on Simple interest on rupees 2250 for 2 years to calculate the simple interest:
Simple Interest = (P*R*T)/100
where Simple Interest = Need to find
Principal = 2250
R = 3.71%
T = 2
By putting the values, we get:
Simple Interest = (2250*3.71*2)/100
Simple Interest = (16714.28)/100
Simple Interest = 167.14
So, Simple Interest = 167.14
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