What rate gives an interest of rs 540 on the sum of Rs.18,000 in 3 years
Answers
Answered by
51
Answer:
rate=1%
Step-by-step explanation:
as we know,
Rate = interest×100÷principal×time
rate=540×100÷18000×3
rate=54×1÷18×3
rate=3÷3
rate=1%
Answered by
4
Given:
Principal = Rs. 18,000
Time period = 3 years
Simple Interest = Rs. 540
To find:
Rate of Interest
Solution:
Let us take the rate of simple interest as R %.
The formula for simple interest is,
Simple interest, S.I = ( P×R× T) /100
P = Principal sum
R = Rate of interest
T = Time period
On putting the values of Principal sum, rate, and time in the formula for simple interest, we get,
540 = (18,000 × R ×3) /100
R= 54000/ 54000
R = 1%
Hence, the rate of simple interest is 1 %.
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