Question

Find the rate percent if the simple interest on ₹ 2750 in 2 years is ₹ 220.

Answer 1

Answer:

The rate of interest (R) = $4$%

Step-by-step explanation:

Given : Principle amount (P) = Rs. $2750$

          Number of years (t) = $2$ years

          Simple interest (S.I.) = Rs. $220$

To find : The rate of interest (R) = ?

Solution :

• It is given that Principle amount (P) = Rs. $2750$

                             Number of years (t) = $2$ years

                               Simple interest (S.I.) = Rs. $220$

• We have to find the rate of interest (R).
• To find the rate of interest, we should know the formula for Simple interest.
• It is given by,

      Simple interest = $\frac{P*r*t}{100}$

                     ∴ $220 = \frac{2750*r*2}{100}$

              ∴ $220*100 = 5500*r$

                  ∴ $22000 = 5500*r$

                        ∴ $r=\frac{22000}{5500}$

                        ∴ $r = 4$%

• ∴ The rate of interest (R) = $4$%