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- The above question is from the chapter 'Simple Interest'.

Let's know about Simple Interest first.

P = Principal or money lent

R % per annum = Rate

T = Time (in years)

S.I. = Simple Interest

S.I. = $\frac{P \: * \: R \: * \: T}{100}$

Amount payable = S.I. + P

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

Solution: P = ₹2000

S.I. = ₹900

T = 3 years

R = ?

Using the formula, S.I. = $\frac{P \: * \: R \: * \: T}{100}$ , we have,

900 = $\frac{2000 \: * \: R \: * \: 3}{100}$

900 × 100 = 6000 × R

R = 90000 ÷ 6000

R = 15 %

∴ Required Rate of S.I. = 15 %.

Answer 2

Answer:

Step-by-step explanation:

Here,

Principal(P)=Rs.2000

Simple Interest(SI)=Rs.900

Time(T)=3 yrs

Rate(R)=?

Now,

  SI=P X T X R / 100

or,900=2000 X 3 x R / 100

or,90000=6000 X R

or,90000 / 6000=R

or,R=15

           Therefore, the rate of simple interest is 15%