sandeep borrowed Rs3000 for 4years and Rs 8000 for 2.5years from Sonia at the same rate of interest. The total interest earned by Sonia is Rs 2880. find the rate of interest
Answers
Answered by
7
The formula for calculating Simple Interest is : I = P x r x t (Where I = Interest, P = Principal Amount, r = Rate of Interest & t = Time period)
Sandeep had borrowed two times from Sonia
In the first case : P = Rs. 3000, r = ?, t = 4 years
In the second case : P =Rs. 8000, r = ?, t = 2.5 years
The total interest earned by Sonia = Rs. 2880, while the rate of interest being same for both the cases.
Therefore from the peoblem we get: I = P x r x t
2880 = (30 x r/1 x 4) + (80 x r/1 x 2.5)
2880 = 120r + 200r
r = 9%.
Hope it helps
Sandeep had borrowed two times from Sonia
In the first case : P = Rs. 3000, r = ?, t = 4 years
In the second case : P =Rs. 8000, r = ?, t = 2.5 years
The total interest earned by Sonia = Rs. 2880, while the rate of interest being same for both the cases.
Therefore from the peoblem we get: I = P x r x t
2880 = (30 x r/1 x 4) + (80 x r/1 x 2.5)
2880 = 120r + 200r
r = 9%.
Hope it helps
Similar questions