vinu gave a loan of rs. 200 to harish and recovered it at the rate of rs. 14 per month for twenty month. the rate of simple interest charged is:
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Answer:
1. 24%
Step-by-step explanation:
Principal (P) = ₹200
Time (T) = 20 months = 20/12 years
Amount (A) = ₹14 × 20 = ₹280
Simple Interest (SI) = A-P = ₹280 - ₹200 = ₹80
Let the Rate be R.
SI = PRT/100
=> 80 = 200 × R × 20/12 × 1/100
=> 80 × 6/20 = R
=> R = 24%
Answered by
3
Rate of interest charged is 24%
Step-by-step explanation:
GIVEN
Principal = ₹200
Time = 20 months = 1.6 years
___________________________
TO FIND
Rate of interest charged
___________________________
We know that,
Rate recovered is ₹14 per month for 20 months
So
Amount = 14 × 20
Amount = 280
Amount = ₹280
___________________________
We know that,
Simple Interest = Amount - Principal
Simple Interest = 200 - 280
Simple Interest = 80
Simple Interest = ₹80
___________________________
We know that,
Simple Interest = ( Principal × Rate × Time ) / 100
Rate = ( Simple Interest × 100 ) / ( Principal × Time )
Rate = ( 80 × 100 ) / ( 200 × ( 20 / 12 ) )
Rate = 8000 / 333.3
Rate = 24
Rate = 24%
Rate of interest charged is 24%
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