Question

If Raj pays an interest of 1100 for 2 years on a sum of 8250, then find the rate of interest.​

Answer 1

Answer:

100% correct answer

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Answer 2

Given:

• Simple Interest (SI) = ₹1100
• Time (T) = 2 years
• Principle (P) = ₹8250

To Find:

• Rate (R) = ??

Formula Used:

$\boxed{R = \dfrac{SI\times100}{P \times T}}$

Solution:

$\sf{R = \dfrac{SI\times100}{P \times T}}$

$\sf{= \dfrac{110\!\!\!\not{0}\times100}{825\!\!\!\not{0} \times 2}}$

$\sf{= \dfrac{1100\!\!\!\not{0}}{165\!\!\!\not{0}}}$

$\sf{= \dfrac{20}{3}}$

$\sf{= 6 \dfrac{2}{3}}$

Hence, the required rate of interest is $6 \dfrac{2}{3}\%$

Extra Information:

• Simple Interest (SI) is an easy method of calculating the interest for a loan.
• Principal (P) is the amount that is borrowed from the bank or invested.
• Rate (R) is the rate of interest at which the principal amount is given.
• Time (T) is the duration for which the principal amount is given.
• Amount (A) is the total money paid back at the end of the time period for which it was borrowed.