Question

Jaffin took a loan of ₹62000 from a bank for buying a motor cycle for 4 years.
After 4 years, the total amount paid by him to the bank is ₹99200. Find the
rate of interest.

Answer 1

${\pmb{\underline{\sf{ Required \ Solution ... }}}}$

• Principal = ₹ 62000
• Time (t) = 4 Years
• Amount = ₹ 99200

As we know that:-

$\dag \ {\underline{\boxed{\sf{ Interest = Amount - Principal }}}} \\ \\ \colon\implies{\sf{ 99200 - 62000 }} \\ \\ \colon\implies{\sf{ 37200 _{(Interest)} }}$

Now, We've Interest of the transaction & we can put it into desired formula to get the Rate of the Interest as:-

• Interest = ₹ 37200

Let the Rate of the Interest be x

$\circ \ {\pmb{\underline{\boxed{\sf\gray{ Interest_{(Simple)} = \dfrac{PRT}{100} }}}}} \\ \\ \\ \colon\implies{\sf{ 37200 = \dfrac{620 \cancel{00} \times x \times 4}{ \cancel{100} } }} \\ \\ \\ \colon\implies{\sf{ 37200 = 620 \times x \times 4 }} \\ \\ \\ \colon\implies{\sf{ \dfrac{37200}{620 \times 4} = x }} \\ \\ \\ \colon\implies{\sf{ \cancel { \dfrac{37200}{2480} } = x }} \\ \\ \\ \colon\implies{\underline{\boxed{\sf{ x = 15 _{( \% )} }}}}$

Hence,

The Rate of the Interest is 15%.