Question

The simple interest on rs 30000 for 4 years is rs 9600 the rate of interest p.a. is ?​

Answer 1

A has invested an amount of Rs. 15000 at an interest rate of 5% for almost 2 years. So his SI will be calculated as Rs. (15000 X 5 X 2/100) ...

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Answer 2

The rate of interest p.a. is 8%

Given : The simple interest on rs 30000 for 4 years is rs 9600.

To find : The rate of interest p.a.

Solution :

We can simply solve this mathematical problem by using the following mathematical process. (our goal is to calculate the rate of interest p.a.)

Here, we will be using the mathematical formula of calculating simple interest. Which is :

Simple interest = (Principal amount × Rate of interest × Time)/100

Here,

• Principal amount = Rs. 30000
• Time = 4 years
• Simple interest = Rs. 9600
• Rate of interest = Let, r %

By putting the given data, in the above mentioned mathematical formula, we get :

9600 = (30000 × r × 4)/100

9600 = 1200 × r

r = 9600/1200

r = 8%

(This will be considered as the final result.)

Hence, the rate of interest p.a. is 8%