Question

What rate of simple interest per annum would need to be charged on a loan of mk$20000 if you wanted to earn $3000 in interest over 2 years?

Answer 1

Answer:

0.75°/. is the rate of simple interest per annum

Step-by-step explanation:

Rate=S.I × 100/P × T

Rate=3000 × 100/20000 × 2

Rate=3/4

Rate=0.75°/.

Answer 2

The rate of simple interest is 7.5%

Step-by-step explanation:

Given:

Principal amount = $20000

Interest rate = $3000

Period = 2 years

To find out:

The rate of interest

Solution:

We know that

If Principal amount is P, rate of interest r% and period is n years then the simple interest is

$I=\frac{nPr}{100}$

Here,

$I=3000$

$P=20000$

$n=2$ years

Thus,

$3000=\frac{2\times 20000\times r}{100}$

$\implies r=\frac{3000\times 100}{2\times 20000}$

$\implies r=7.5$%

Hope this answer is helpful.

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