Question

other deposit 35,000 in a finance company for 4 years and received 45500 in total what was the rate of simple interest per annum

Answer 1

SI=45500-35000=10500
SI=P×R×T/100
R=10500×4×100/35000
solving this we get R=120

Answer 2

Given,

time = 4 year

Amount = 45500

principal = 35000

SI = 45500-35000

= 10500

rate = ?

rate = SI × 100/ P × T

=> 10500×100/ 35000×4

=> 1050000/140000

=> 7.5

hence the required rate is 7.5%

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