Question

if 1,600 earns 200 as simple interest in 2 years, determine the rate of interest charges.​

Answer 1

Answer:

Rate of interest is 6.25%

Step-by-step explanation:

Given, Principal Amount (P)= 1600 Rs

No. of years (N) =2

Simple Interest (I) = 200 Rs

Rate of interest (R)=?

We know, I= (P× N× R)/100

So, 200= (1600×2×R)/100

R= 200×100/ 100×2

=200÷32

=6.25%