Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?
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Answer:
Rate of interest = 6%
Also Time period = 6 yrs
Step-by-step explanation:
Principal = p = 1200
Time = Rate
Simple Interest = si = 432
Si = ptr/100 = pr^2/100
432 × 100 = (1200)r^2
432 = 12r^2
r^2 = 432/12 = 36
=> r = 6
•°• Rate of interest = 6%
•°• Rate of interest = 6%Also Time period = 6 yrs
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