Question

John took a loan of rs. 1500 with simple interest for as many years as the rate of interest. If he paid rs. 2
40 as interest at the end of loan period, what was the rate of interest?

Answer 1

Step-by-step explanation:

p = 1500

i = 240

ATQ,

time = rate

i × 100 = p × r × t

240 × 100 = 1500 × r²

r² = 16

r = 4 %