Question

The simple interest on Rs 45000 in 3 years is Rs 13500. What is the rate of interest

Answer 1

Given:

Simple interest= Rs.13,500

Principal amount=Rs.45,000

Number of years=3

To find:

The rate of interest

Solution:

The rate of interest is 10%.

We can find the rate by following the given steps-

We know that the simple interest on an amount is the product of the principal amount, rate, and number of years.

Simple interest=(Principal×Rate×Number of years)/100

We are given the following-

Simple interest= Rs.13,500

Principal amount=Rs.45,000

Number of years=3

Let the rate of interest be R.

On adding the values, we get

13,500=45,000×R×3/100

1,350=45×R×3

1350/(45×3)=R

R=450/45

R=10

So, the rate of interest, R=10%

Therefore, the rate of interest is 10%.

Answer 2

The rate of interest is 10%.

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Let's understand a few concepts:

To calculate the value of R% i.e., the rate of interest we will use the following formula of simple interest:

$\boxed{\bold{Simple \:Interest = \frac{Principal \times Time \times Rate}{100} }}$

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Let's now solve the given problem:

The sum of money = Rs. 45000

The no. of years = 3 years

The simple interest = Rs. 13500

Therefore, by substituting the given values in the above formula of simple interest, we can form the following equation,

$13500 = \frac{45000 \:\times\: 3\: \times\: Rate}{100} }}$

$\implies 13500 = 450\:\times\: 3\: \times\: Rate$

$\implies 13500 = 1350\: \times\: Rate$

$\implies Rate = \frac{13500}{1350}$

$\implies \bold{Rate = 10\% }$

Thus, the rate of interest is 10%.

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