Question

The monthly SI on Rs. 1000 is Rs. 15,then find the annual rate.

Answer 1

Given:

• Principal = 1000 rupees
• Simple Interest = 15 rupees
• Time = 1 year

To Find:

• Rate = ?

Solution:

Given,

• P = 1000 rupees
• S.I = 15 rupees
• T = 1 year

Monthly interest = 15 rupees

Yearly interest = 15 × 12 = 180 rupees

As we know that

$\: \: \: \: \sf \implies \: rate = \frac{simple \: interest \times 100}{principal \times 100}$

Now put the values

$\: \sf \implies \: rate = \frac{180 \times 100}{1000 } \\ \\ \: \sf \implies \: rate = 18 \: percent$

Therefore, rate of interest per annum is 18%.

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More to know:

• Simple Interest = PRT/100
• Time = Simple Interest × 100/Principal × Rate
• Principal = Simple Interest × 100/Rate × Time

Answer 2

Answer:

18 years

Step-by-step explanation:

P-1000

T-1 year

SI-per month 15,then per year 15×12=180

So , rate of interest = SI×100÷P×T

180×100÷1000×1=18000÷1000=18%

Rate of the interest is 18%