Question

Rosy borrowed Rs. 10,000 for a time period of 3 years and pays Rs. 1200 as interest at the end of 3 years. Find the rate, at which interest was charged per annum
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Answer 1

Step-by-step explanation:

$rate = \frac{simple \: intrest \times 100}{principle \times time}$

$then \: rate = \frac{1200 \times 100}{10000 \times 3 } = 4\%$

Answer 2

The rate of interest is 4%.

Given:

• Principal amount ₹10,000.
• Time period is 3 years.
• Simple interest is ₹1200.

To find:

• Rate of interest.

Solution:

Formula to be used:

Simple interest $\bf SI = \frac{PRT}{100}$

Step 1:

Write the given values.

Principal amount (P)= ₹10,000.

Time period (T)= 3 years.

Simple interest (SI)= ₹1200.

Step 2:

Find the rate of interest.

Put the values in the formula.

$1200 = \frac{10000 \times 3 \times R}{100}$

$3 \times 10000 \times R = 120000$

$R= \frac{12}{3}$

$\bf R = 4 \: \%$

Thus,

The rate of interest is 4%.

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