Question

Hamid borrowed Rupees 1500 from a financer after 3 and a half years he paid rupees 2865 to the finances in clear the account find the rate of interest charged

Answer 1

Principal amount = Rs 1500

Principal + Interest = Rs 2865

Find the interest paid:

Interest paid = 2865 - 1500 = Rs 1365

Find the interest paid per year:

3.5 years = Rs 1365

1 year = 1365 ÷ 3.5 = Rs 390

Find the interest rate:

Interest rate = interest/principal x 100

Interest rate = 390/1500 x 100 = 26%

Answer: The interest rate is 26%

Answer 2

hey !

here is answer



principle amount= ₹1500

principal interest=₹2865

interest paid= ₹2865-₹1500

₹1365

interest paid per year

3.5 year=₹1365

1 year= ₹1365/3.5

1 year =₹390

interest rate= interest / principle amount *100

390/1500*100

26%


hope it helps

thanks