Find the rate of simple interest if the interest on Rs 4000 for 3 years is Rs 600.
Answers
Answered by
1
S.I= PxRxT /100
600=4000x3xR/ 100
R=600/120
R=5%
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Answered by
63
Given :-
- Principal (P) = Rs 4000
- Time (T) = 3 years
- Simple Interest = Rs 600
To Find :-
- Rate of Interest
Solution :-
➞ Simple Interest = P × R × T / 100
➞ 600 = 4000 × Rate × 3 / 100
➞ 600 = 40 × Rate × 3
➞ 600 = 120 × Rate
➞ 600 / 120 = Rate
➞ 5% = Rate
Thus Rate of Interest = 5%
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Verification :-
➞ Simple Interest = P × R × T / 100
➞ Simple Interest = 4000 × 5 × 3 / 100
➞ Simple Interest = 40 × 5 × 3
➞ Simple Interest = 120 × 5
➞ 600 = 600
Hence Verified
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★ Additional Info :
- Principal: The money which we deposit in or the lower from the bank or the money learned called the principal.
- Rate of interest: The interest paid on Rs, 100 for one year is called the rate per cent per year or rate per cent per annum.
- Time: The period of time for which the money is lent or invested.
- Interest: Additional money paid by the borrowed to the lender for using the money is called interest.
- Simple Interest: If the interest is calculated uniformly on the original principal throughout the lone period, it is called simple interest.
- Amount: The total money paid back to the lender is called the amount.
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