Question

find the rate of interest when rupees 1200 amounts to rupees 1320 in 2 years

Answer 1

the rate of interest will be 5%

Answer 2

Amount or A =₹1320

Principal or P = ₹1200

Time or T = 2 years

To find Rate or R , first we have to find Simple Interest or S.I

S.I = Amount - Principal

= ₹ (1320 - 1200)

= ₹120

Rate of interest or R

= 100 × S.I ÷ P × T

= 100 × 120 ÷ 1200 × 2

(You can cut the numbers by dividing)

= 5 %

∴Rate of interest or R = 5%

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