Question

What is the rate of simple interest, if a principal of ₹2000 gives an interest of ₹900 over a period of 3 years?

Answer 1

ANSWER :

Interest rate = 15%

Step-by-step explanation:

Principal = ₹2000

Time = 3 years

Simple Interest = ₹900

Interest Rate = ?

Let interest rate be x %

$\frac{2000 \times 3 \times x}{100} = 900 \\ \\ = > 2000x = 30000 \\ \\ = > x = \frac{30}{2} \\ \\ = > x = 15\% \: \: \: \: \: ans$

Thanks !!