Vinod took a loan of rupees 7000 on simple interest .If he returned an amount of rupees 9835 after four and half years then find the rate of interest
Answers
If Vinod returned Rs. 9835 on a loan of Rs. 7000 after four and half years then the rate of interest is 9%.
Step-by-step explanation:
Required formula:
- S.I. = [PRT]/100
- A = P + S.I.
Let the rate of interest be denoted as “R”% p.a..
The loan money taken by Vinod on simple interest, P = Rs. 7000
The amount returned by Vinod, A = Rs. 9835
The time period, T = 4 ½ years = 9/2 years
Now, combining both the above formulas and then substituting the given values we get
A – P = [PRT]/100
⇒ 9835 – 7000 = [7000*R*(9/2)]/100
⇒ 2835 = 315R
⇒ R = 2835/315
⇒ R = 9%
Thus, the rate of interest is 9% p.a.
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Answer:
9%
Step-by-step explanation:
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