Question

Vinod took a loan of Rs 7000 on simple interest. If he returned an amount of Rs 9835 after four and half years,then find the rate of interest.

Answer 1

p=7000
amount=9835
amount=principle+interest
interest=2835
i=ptr/100
                7000*4 1/28R
 2835=  -------------------- 
                   100
4 1/2=9/2 YEARS
R=9

Answer 2

9% is the rate of interest

Step-by-step explanation:

Given that,

Principal = Rs. 7000

Time = 4.5 years

Amount = RS. 9835

So,

Simple Interest = Amount - Principal

⇒ S.I. = Rs. 9835 - Rs. 7000

∵ S.I. = Rs. 2835

As we know,

S.I. = ( P * R * T)/100

⇒ 2835 = (7000 * R * 4.5)/100

⇒ 2835 * 100 = 7000 * 4.5 * R

⇒ 283500 = 31500 * R

⇒ 283500/31500 = R

∵ R = 9%

Thus, 9% is the rate of interest.

Learn more: Calculate the interest

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