How to find the simple interest rate when the amount is given?
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Hey mate !!
Here's the answer !!
We know that,
Amount = Simple Interest + Principal
We are now given with :
1. Amount ( A )
2. Principal ( P )
3. Time Period ( T )
4. Simple Interest ( SI )
So we must find the Rate of Interest ( x )
Substituting in the formula we get,
A = PxT / 100 + P
=> A - P = PxT / 100
=> 100 ( A - P ) = PxT
=> 100 ( A - P ) / P * T = x
Hence the rate of Interest can be calculated as :
100 ( Amount - Principal ) / Principal * Time
Hope my answer is helpful !!
Cheers !!
Here's the answer !!
We know that,
Amount = Simple Interest + Principal
We are now given with :
1. Amount ( A )
2. Principal ( P )
3. Time Period ( T )
4. Simple Interest ( SI )
So we must find the Rate of Interest ( x )
Substituting in the formula we get,
A = PxT / 100 + P
=> A - P = PxT / 100
=> 100 ( A - P ) = PxT
=> 100 ( A - P ) / P * T = x
Hence the rate of Interest can be calculated as :
100 ( Amount - Principal ) / Principal * Time
Hope my answer is helpful !!
Cheers !!
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