Question

If a principal amount Rs. 560 in 3 years and Rs. 600 in 5 years at the same rate of simple interest in percent per annum. Find the principal and the rate of simple interest in percent per annum.​

Answer 1

Rate of interest = 4%

Step-by-step explanation:

• Interest in 3 years = Rs. 560

• Interest in 5 years = Rs. 600

• Interest in 2 years = 600 - 560 = Rs. 40

• Interest in 1 year = 40 / 2 = Rs. 20

• So interest in 3 years = 20 * 3 = Rs. 60

• Principal = 560 - 60 = Rs. 500

• SI = PNR / 100

• 20 = 500 * 1 * R / 100

• R = 2000 / 500

R = 4%