Question

 If the amount Rs.1463 is to be paid for Rs.1100 at the end of 3years, then find its rate of interest in precent ​

Answer 1

➤ Given :-

Total amount :- ₹ 1463

Principle :- ₹ 1100

Time :- 3 years

➤ To Find :-

Rate of interest for the given sum..........

➤ Formula required :-

$\large \tt \dashrightarrow \orange{ \boxed{ \tt \gray{ \frac{SI \times 100}{P \times T} }}}$

➤ Solution :-

First, we should find the simple interest by subtracting the amount and principle.

Simple Interest :-

$\tt \longrightarrow 1463 - 1100$

$\tt \longrightarrow \sf rs \: \tt \: 363$

Now,

Rate of interest :-

$\tt \longrightarrow \dfrac{363 \times 100}{1100 \times 3}$

$\tt \longrightarrow \dfrac{363 \times \cancel{100}}{ \cancel{1100} \times 3} = \dfrac{363 \times 1}{11 \times 3}$

$\tt \longrightarrow \dfrac{ \cancel{363} \times 1}{11 \times \cancel{3}} = \dfrac{121 \times 1}{11 \times 1}$

$\tt \longrightarrow \cancel \dfrac{121}{11} = \boxed { \tt 11}$

$\Huge\therefore$The rate of interest is 11 $\bf\%$.

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$\dashrightarrow$Some related formulas :-

Simple Interest :- $\boxed{\tt\dfrac{P \times R \times T}{100}}$

Principle :- $\boxed{\tt\dfrac{SI \times 100}{R \times T}}$

Time :- $\boxed{\tt\dfrac{SI \times 100}{P \times T}}$

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More to know…………

• Simple interest is a method to calculate the interest amount, when a person borrows money from a bank or any person.
• Principal is the amount given at first from lender to borrower.
• Rate of interest is the extra amount to be given after the time period. It is always written in percentage form.
• Time is given for borrower to return back the money with given interest.