Question

Find the rate if the simple interest of #4800 for 3years is #324

Answer 1

Given: The simple interest of $Rs 4800$ for $3 years$ is $Rs 324$

To find: The rate

Solution:

Given the principal is $= Rs4800$

The time $=3$ $years$

Simple Interest $= Rs324$

The formula of simple interest is given by,

$S = \frac{P*R*T}{100}$

⇒$R = \frac{S*100}{P*T}$

⇒ $R = \frac{324*100}{4800*3}$

⇒ $R = 2.25$ %

Final Answer:

The rate of interest is $2.25%$%.