Question

The simple interest on a certain sum of money is 1/3 of the sum in 6 years. Find the rate of interest charged.

Answer 1

Answer:

1/18

Step-by-step explanation:

let sum is X.

simple interest charged in 6 years = X/3, as we know simple interest for every year will be same i.e if simple interest in year 1 is 10 then simple interest on year 6 will also be 10.

so, Simple interest charged in one year = simple interest charged in 6 years / 6.

Simple interest charged in one year = X/18.

so the rate of interest is 1/18.