Question

The interest on $600 invested for 5 years is $210.What is the interest rate

Answer 1

Principal=$600

Time=5yrs

SI=$210

let the rate be rate be x

SI=P×R×T/100

R=SI×100/P×T

R=210×100/600×5

R=21000/3000

R=7%ans

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Answer 2

Answer: 7%

Step-by-step explanation:

Given,

• Principle Amount of 600 Dollars.
• Investment Period of 5 years.
• Interest Amount of 210 Dollars.

To Find: The rate of interest in which, the above-mentioned 600 Dollars were invested for 5 years to get an interest return of 210 Dollars.

Explanation:

• To solve this question, first we need to know the formula to calculate the interest amount in the case of simple interest, i.e.,

       Interest = $\frac{P*R*T}{100}$

        Where, P = Principle

                     R = Rate of Simple Interest per annum

                     T = Time period of interest.

• Here, we are provided data with the Interest amount, the principle amount as well as the time period. So, let us assume the rate of interest to be "R" % per annum.
• Now, using the data provided in the question statement in the above mentioned formula to calculate the interest in case of Simple Interest, we will form a linear equation on one variable in R, and solving for R, we will obtain our desired answer.

       $210=\frac{600*R*5}{100}\\ or, R = \frac{210*100}{600*5}\\ or, R = \frac{210}{6*5}\\ or, R = 7%$

• That is, if the interest on $600 invested for 5 years is $210, then the interest rate is 7% simple interest per annum.

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