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