Question

Pankaj repays Rs 1155 as simple interest after 3 years on a loan of Rs 5500. At what % rate did he take the money?​

Answer 1

Given:

Simple Interest = Rs. 1,155

Time = 3 years

Principal = Rs. 5,500

To find:

Rate%

Formula:

$S.I.=\frac{PRT}{100}$

$1155 = \frac{5500*3*R}{100}$

$1155 = 55*3R$

$1155 = 165R$

7% = R

⇒ The rate of interest is 7% on which Pankaj took the money.