Question

Q1. Find the rate of simple interest for an amount equal to Rs.35,246, Principal Rs.20000 for 5 years.​

Answer 1

Answer:

Here, we are given an amount of simple interest as Rs.35,246. We are given principal amount P as Rs.20000 and time period T as 5 years. We need to find the rate of simple interest per annum. So, let us suppose the rate of simple interest as R%.

We know that, amount of simple interest is given as A = P + SI where P is the principal amount and SI is the simple interest. Hence, we get:

⇒35246=200000+SI⇒SI=Rs.(35246−20000)⇒SI=Rs.15246⇒35246=200000+SI⇒SI=Rs.(35246−20000)⇒SI=Rs.15246

So simple interest is Rs.15,246.

Now, let us use SI, P, and T to find R using the formula of SI given by SI=P×R×T100SI=P×R×T100.

Putting values of SI, P and T we get:

⇒15246=20000×R×5100⇒15246=100000×R100⇒15246=1000×R⇒R=152461000⇒R=15.246%⇒15246=20000×R×5100⇒15246=100000×R100⇒15246=1000×R⇒R=152461000⇒R=15.246%

Hence, rate of simple interest is 15.246% per annum.