Question

what is the interest rate if the principal of rupees 700 earn 196.00 in interest in seven year ​

Answer 1

Given that,

P=Rs.700

R=R% p.a

S.I=Rs.105

T=3 years

∵S.I= 100/PTR

⟹105= 100/700×3×R

⟹105=21R

⟹R= 21/105

⟹105=21R

⟹R= 21/105

∴Rate=5% p.a.​