Question

The interest obtained on a sum of Rs.1212 for 5 years is Rs.212.10. Calculate the rate of interest.

Answer 1

1. P = Total amount =1212
2. T = Time = 5years
3. I = interest =212.10

R = rate = ?

I = (PTR)/ 100

therefore

R = (I×100)/(PT)

R =3.5

Answer 2

Given data : The interest obtained on a sum of Rs 1212 for 5 years is Rs 212.10

To find : Calculate the rate of interest ?

Solution : Here, a/c to question;

• Simple interest, S.I. = Rs 212.10
• Principal, P = Rs 1212
• Rate of interest, R = ?
• Time period, T = 5 years

Now, we use formula simple interest, to find out, rare if interest;

➜ S.I. = (P * R * T)/100

➜ 212.10 = (1212 * R * 5)/100

➜ 1212 * R * 5 = 212.10 * 100

➜ 1212 * R * 5 = 21210

➜ 6060 * R = 21210

➜ R = 21210/6060

➜ R = 7/2

➜ R = 3.5 %

Answer : Hence, the rate of interest is 3.5 %.

{Formulae :

• S.I. = (P * R * T)/100
• Amount = Principal - simple interest
• A = P{1 + (R/100)}^(T)
• C.I. = P{1 + R/100}^(T) - P}

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