Question

The simple interest on an amount of Rs 35000 for 5 years is Rs 1050. Find the rate of simple interest per annum ?

Answer 1

Answer

Step-by-step explanation:

p=A-SI=33950

R=1050*100/33950*5

so R is 84/97%

Answer 2

The rate of simple interest would be 0.6% per annum.

Step-by-step explanation:

Given Principal amount = 35,000 Rs.

                          Amount = 35000 + 1050 = 36050

                             Time  = 5 years

                         Interest  = 1050 Rs.

We have to find out rate of interest per year.

Rate of interest = $(\frac{1}{t})(\frac{A}{P})-1$

                          = $(\frac{1}{5})(\frac{36050}{35000})-1$

                          =  (0.2) (1.03) -1

                          = 0.2 × 0.3

                    r     = 0.006

R = 0.006 × 100

R = 0.6% per annum

The rate of simple interest would be 0.6% per annum.

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