Question

rajan borrowed rs 10500 from his friend And after 3 years returned RS 12000 to his friend calculate the SI And rate of interest​

Answer 1

Solution!!

The concept of simple interest has to be used here. The principal, amount and time is given. We have to find the rate of interest and the interest.

Principal (P) = Rs 10500

Time (T) = 3 years

Rate of interest (R) = ?

Let's find the interest!

Interest = (P × R × T)/100

Interest = (10500 × R × 3)/100

Interest = 105 × R × 3

Interest = 315 R

Amount = Principal + Interest

12000 = 10500 + 315 R

12000 - 10500 = 315 R

1500 = 315 R

R ≈ 4.76%

Interest = Amount - Principal

Interest = 12000 - 10500

Interest = Rs 1500