Question

what is the rate of simple interest for a principal of rupees 2440 for 3 years,which fetches a Simple interest of Rs 762 ? ​

Answer 1

Given :-

• Principle money , P = ₹ 2440
• time period , t = 3 yrs
• S.I. fetched , S.I. = ₹ 762

To find :-

• Rate of interest , R = ?

Formula used :-

• Formula to calculate simple interest

$\red{\bigstar}\boxed{\sf{S.I.=\dfrac{P\times R \times t }{100}}}$

( where P is the principal . R is the rate and t is the time period for simple interest )

Solution :-

Using the formula to Calculate S.I.

$\implies\sf{S.I.=\dfrac{P\times R \times t}{100}}\\\\\\\sf{putting \:known\:values}\\\\\\\implies\sf{762=\dfrac{2440\times R\times 3}{100}}\\\\\\\implies\sf{762=24.4\times R \times 3}\\\\\\\implies\sf{R=\dfrac{762}{24.4\times 3}}\\\\\\\implies\sf{R=\dfrac{762}{73.2}}\\\\\\\implies\boxed{\overbrace{\underbrace{\underline{\underline{\large{\red{\sf{R=10.4\;\;\% }}}}}}}}\;\;\;\;\sf{(approx.)}$

Hence,

Rate of interest will be 10.4 % .

More formulae :-

• Formula to calculate amount

$\gray{\bigstar}\boxed{\sf{Amount = Principal + interest}}$

• Formula to calculate Compound interest

$\gray{\bigstar}\boxed{\sf{C.I.={P\left( 1 + \dfrac{R}{100}\right)}^t - P}}$

(where P is principal , R is rate of interest and t is time period for compound interest )