Question

Raima took a loan of Rs. 1500 with simple interest for as many years as the rate of interest. If she paid Rs. 960 as interest at the end of the loan period, what was the rate of interest?

Answer 1

Answer:

8%

Step By Step Explanation:

Given:
Interest [I] = Rs. 960
Principle [P] = Rs. 1500

Now,
Time [T] = ?
Rate [R] = ?

Let assume that Time of interest be k yrs and Rate of interest also be k.

We have,
Simple Interest = PTR / 100

⇒ 960 = 1500 × k × k / 100
⇒ 960 = 1500 × k² / 100
⇒ 1500 × k² = 960 × 100
⇒ k² = 96000 / 1500
⇒ k² = 64
⇒ k = 8

Hence, The Required rate of interest was 8 %.

Answer 2

$\underline{\mathfrak{\huge{The\:Question:}}}$

Raima took a loan of Rs. 1500 with simple interest for as many years as the rate of interest. If she paid Rs. 960 as interest at the end of the loan period, what was the rate of interest?

$\underline{\mathfrak{\huge{Your \:Answer:}}}$

$\sf{Given:}$

Principal = Rs. 1500

Simple Interest = Rs. 960

Rate of interest = Time period for which the loan was taken

We know that :-

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

Put the values in it and then solve :-

=》 $\tt{\frac{1500\times R \times T}{100} = 960}$

Now, if we let :-

Rate of interest = x

then, the time period for which the loan was taken, will also be = x

=》 $\tt{\frac{1500\times x \times x}{100} = 960}$

=》 $\tt{1500x^{2} = 96000}$

=》 $\tt{x^{2} = \frac{96000}{1500}}$

=》 $\tt{x^{2} = 64}$

=》 $\tt{x = 8}$

Rate of interest = 8%

Time period = 8 years