Question

Vidhi took a loan of 10000on simple interest .if he returned 12700 after 3 year find the rate of interest​

Answer 1

Rate = 9%

Step-by-step explanation:

GIVEN

Principal = ₹10000

Amount = 12700

Time = 3 years

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TO FIND

Rate

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We know that,

Simple Interest = Amount - Principal

Simple Interest = 12700 - 10000

Simple Interest = 2700

Simple Interest = ₹2700

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We know that,

Simple Interest = ( Principal × Rate × Time ) / 100

Rate = ( Simple Interest × 100 ) / ( Principal × Time )

Rate = ( 2700 × 100 ) / ( 10000 × 3 )

Rate = 270000 / 30,000

Rate = 9

Rate = 9%

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IMPORTANT

Simple Interest = ( Principal × Rate × Time ) / 100

Principal = ( Simple Interest × 100 ) / ( Rate × Time )

Rate = ( Simple Interest × 100 ) / ( Principal × Time )

Time = ( Simple Interest × 100 ) / ( Principal × Rate )