Question

In simple interest, a sum of money amounts to ₹6,200 in 2 years and ₹6,800 in 3 years. Find the principal and rate of interest

Answer 1

Answer:

6200= P + PR×2/100

6800 = P+ PR×3/100

6800-6200=PR/100

600=PR/100

PR =60000

Put this value of PR in the above equation

6200 =P +60000×2/100

6200=P+1200

P=6200-1200=5000

Put this value of P in PR

5000×R=60000

R=60000/5000=12

Ans 12%