Question

The simple interest on a certain sum of money is $\frac{3}{8}$ of the sum in 6$\frac{1}{4}$ years. Find the rate percent charged.

Answer 1

Answer:

6%

Step-by-step explanation:

Given

simple interest= 3/8 of principle

$time = 6 \frac{1}{4} = \frac{25}{4}$

To find

rate

Formula

Simple interest = P × R% × T

Solution

Let the principle be x

simple interest= 3/8 of principle =

$\frac{3}{8} x$

$simple \: interest = p \times r\% \times t \\ \frac{3}{8} x = x \times r\% \times \frac{25}{4} \\ r\% = \frac{3x \times 4}{8 \times x \times 25 } \\ \frac{r}{100} = \frac{12}{200} \\ r = \frac{12 \times 100}{200} \\ r = 6$