Question

If P = 30000, T = 2 years and interest is 4800 rupees then rate of interest is _______. *​

Answer 1

Simple Interest Formula

The formula for calculating simple interest is:

(P x r x t) ÷ 100

P = Principal

r = Rate of Interest

r = Rate of Interestt = Term of the loan/deposit in years

This means that you are multiplying the principal amount with the rate of interest and the tenure of the loan or deposit. Make sure you enter the tenure in years and not months. If you are entering the tenure in months, then the formula will be:

(P x r x t) ÷ (100 x 12)

If you want to find the total amount – that is, the maturity value of a deposit or the total amount payable including principal and interest, then you can use this formula:

FV = P x (1 + (r x t))

Here, FV stands for Future Value. To get the interest payable or receivable, you can subtract the principal amount from the future value.

Answer 2

Rate of interest = SI x 100/PxR
4800x100
480000
30000 x 2
60000

480000/6000

8