Question

If a principal of 1,75,000 amounts to 2,48,500 over 3 1/2 years, what is the rate of interest? ​

Answer 1

Answer:

Rate of interest=12%p.a

Step-by-step explanation:

Given:

P=₹1,75,000

A=₹2,48,500

So,S.I=A-P

=₹(2,48,500-1,75,000)

=₹73500

T=3.5yrs

Hence,

R=100×S.I/P×T

={100×73500/1,75000×3.5}%p.a

=12%p.a

Answer 2

Given :

Toral Amount : ₹248500

Principle : ₹175000

Time : 3½ years

To find :

The rate of interest.

Solution :

First, we should find the simple interest.

Simple interest :

$\sf \dashrightarrow Total \: Amount - Principle$

$\sf \dashrightarrow 248500 - 175000$

$\dashrightarrow$₹$\sf 73500$

Now, we can find the rate of interest by the formula of simple interest.

Rate of interest :

$\sf \dashrightarrow SI = \dfrac{P \times R \times T}{100}$

$\sf \dashrightarrow 73500 = \dfrac{175000 \times R \times 7}{100 \times 2}$

$\sf \dashrightarrow 73500 = \dfrac{1750 \times R \times 7}{1 \times 2}$

$\sf \dashrightarrow 73500 = \dfrac{12250 \times R}{2}$

$\sf \dashrightarrow 73500 = \dfrac{12250R}{2}$

$\sf \dashrightarrow R = \dfrac{73500 \times 2}{12250}$

$\sf \dashrightarrow R = \dfrac{147000}{12250}$

$\sf \dashrightarrow R = 12\%$

Hence, the rate of interest is 12%.