Question

If the simple interest on 15000 for a period of 8 years is 1500. Then the rate of interest per annum ? soln​

Answer 1

Answer:

1.25%

Step-by-step explanation:

Given,

Principle amount= ₹ 15000

Simple Interest= ₹ 1500

Time = 8 years

To find the rate of interest per annum,

formula derived is:

R = 100 x Simple Interest / Principle amount x Time

or, abbreviation is:

R = 100 x S.I / P x T

putting the values,

R = 100 x 1500 / 15000 x 8

R = 1.25%

Let's check if our answer is correct,

Put the values in formula,

Simple Interest = Principle amount x Time x Rate / 100

or, abbreviation is,

S.I = P x T x R / 100

S.I = 15000 x 8 x 1.25 / 100

S.I = 1500

1500 = 1500

LHS = RHS

Hence, our answer is correct.

Ans ) The rate per annum is 1.25%