Question

Reena took a loan of rs. 1200 with simple interest for as many years as the rate of interst. if she paid rs. 432 as interest at the end of the loan period, what was the rate of interest?

Answer 1

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Answer 2

Given:

• Arun took a loan of ₹ 1200 with simple interest for as many years as the rate of interest. If he paid ₹432 as interest at the end of the loan period.

Need to find:

• The required rate of interest ?

Solution:

As we know that,

⋆ Simple Interest = P × R × T/100

Putting the values,

➜ 432 = 1200 × R × R/100

➜ 432/12 = R²

➜ (Rate of interest)² = 36

➜ Rate of interest = 6%

Therefore,

The required rate of interest is 6%.

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