To start a mobile dog-grooming service, a woman borrowed RS 2,500. If the loan was for 2 years and the amount of interest was Rs175, what simple interest rate was she charged?
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Answer:
principal =2500
Time=2years
Rate of interest?
Simple interest =175
Formula of simple interest=PTR/100
simple interest =175
175 =2500x2xR
-----------------
100
by cancelling the zeros we will get 175=25x2xR
-------------
1
R=. 175
---------
25x2
R=. 175
--------
50
= Rate of interest is 3.5%
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