Question

The simple interest on RS2500 for 3 years is RS600 . Find the rate of interest.​

Answer 1

Step-by-step explanation:

Step-by-step explanation:

Given,

Principal, p = 2500

Simple interest, = 600

Time , t = 3 years

By using the formula of simple interest,

SI = \frac{p\times r\times t}{100}SI=100p×r×t

600 = \frac{2500\times r\times 3}{100}600=1002500×r×3

or,

r = \frac{100\times 600}{2500\times 3}2500×3100×600

r = \frac{60000}{7500}750060000

r = 8 %