Question

three years after investing $15000 , a retired couple received a check for $3375 in simple interest. find the annual interest rate their money earned during that time.​

Answer 1

Answer:

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Answer 2

➤ Given :-

Principle :- ₹ 15000

Simple Interest :- ₹ 3375

Time :- 3 years

➤ To Find :-

Rate of interest and total amount of the given sum

➤ Formula required :-

Rate of interest :-

${\large \tt \dashrightarrow \orange{\boxed{\tt \gray{\dfrac{SI \times 100}{P \times T}}}}}$

Total amount :-

${\large \tt \dashrightarrow \orange{\boxed{\tt \gray{Simple \: Interest + Principle}}}}$

➤ Solution :-

Rate of interest :-

${\tt \longrightarrow \dfrac{3375 \times 100}{15000 \times 3}}$

${\tt \longrightarrow \dfrac{3375 \times \cancel{100}}{\cancel{15000} \times 3} = \dfrac{3375 \times 1}{15 \times 3}}$

${\tt \longrightarrow \dfrac{\cancel{3375} \times 1}{15 \times \cancel{3}} = \dfrac{1125 \times 1}{15 \times 1}}$

${\tt \longrightarrow \cancel \dfrac{1125}{15} = \boxed{\tt 75 \bf\%}}$

Now,

Total amount :-

${\tt \longrightarrow 3375 + 15000}$

${\tt \longrightarrow Rs \: \: 18375}$

$\Huge\therefore$ The rate of interest is 75 ${\bf\%}$ and the total amount is ₹ 18375.

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$\dashrightarrow$ Some related formulas :-

Simple Interest :- ${\boxed{\tt\dfrac{P \times R \times T}{100}}}$

Principle :- ${\boxed{\tt\dfrac{SI \times 100}{R \times T}}}$

Time :- ${\boxed{\tt\dfrac{SI \times 100}{P \times R}}}$

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More to know :-

• Simple Interest is the extra amount to be given when a person borrows some money from a person or a bank. The person who gives money is called lender. The person who takes money is called borrower.
• Principal is the amount given at first from lender to borrower.
• Rate of interest is the extra amount to be given from borrower to lender. It is always written in percentage format.
• Time is given for the borrower to return back the given money with the given interest.