Question

Mr Singh invest rupees 250 every month for 24 months in a bank and collects Rupees 6750 at the end of the term. Find the rate of simple interest paid by the bank on this recurring deposit.​

Answer 1

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Principal = 250×24 = 6000

Time = 24 months = 2 years

Simple interest = A-P = 67500-6000 = 750.

SI = prn/100

= 750 = (6000×r×2)/100

= 750 = 120 r

= r = 750/120

= r = 6.25%

Answer 2

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Principal = 250 × 24 = 6000

Time = 24 months = 2 years

Simple interest = A-P = 67500-6000 = 750.

SI = prn/100

= 750 = (6000 × r × 2)/100

= 750 = 120 r

= r = 750/120

= r = 6.25%