Time Lic. VIS
1. A sum of 50,000 was lent out at simple interest and at the end of 2.5 years the total amount was 75,000. Compute the rate of interest percent per annum.
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Answer:
20%
Step-by-step explanation:
Simple Interest = Amount - Principal
= 75000 - 50000 = 25000
Rate of interest (R)
R = (S.I × 100)/(P×R)
= (25000×100)/(50000×2.5)
= 2,500,000 ÷ 125,000
= 20
Rate of interest = 20%
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