Question

If simple interest on $680 for 5 years is $119. What is the rate of interest per annum?​

Answer 1

$Given \:Principal (P) = \ \: 680$

$Time (T) = 5 \: years$

$Simple\: Interest (I) = \ \: 119$

$Let \:Rate \:of \: Interest = R$

/* We know that , */

$\boxed{ \pink { R = \frac{ 100 \times I }{P \times T }}}$

$R = \frac{ 100 \times 119}{ 680 \times 5 }$

$\implies R = 3.5 \%$

Therefore.,

$\red{ Rate \:of \: interest } \green { = 3.5 \%\:per \:annum}$

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