Question

i. Find the rate of interest (%) for each of the following. 1. P = 7000, T = 3 years, I = 630
. P = 750, T =3 years, I = 180

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Answer 1

Answer:

1) R= 3 %

2) R= 8 %

Step-by-step explanation:

use the formula

SI = P×R×N/100

1) P = 7000, T = 3 years, SI = 630.

R= SI*100/PN

= 630*100/7000*3

= 3%

2) P = 750, T =3 years, I = 180.

R= SI*100/PN

= 180*100/750*3

= 8%