Advertisements
Advertisements
Question
A sum of ₹ 48,000 was lent out at simple interest and at the end of 2 years and 3 months the total amount was ₹ 55,560. Find the rate of interest per year
Solution
Given Principal P = ₹ 48,000
Time n = 2 years 3 months
= `2 + 3/12` years
= `2 + 1/4` years
= `8/4 + 1/4` years
= `9/4` years
Amount A = ₹ 55,560
A = P + I
55560 = 48000 + I
I = 55560 – 48000 = ₹ 7560
∴ Interest for `9/4` years = ₹ 7560
Simple intrest = `"Pnr"/100`
7560 = `48000 xx 9/4 xx "r"/100`
r = `(7560 xx 4 xx 100)/(9 xx 48000)`
= 7.09%
= 7%
Rate of interest = 7% Per annum
APPEARS IN
RELATED QUESTIONS
If Meena gives an interest of ₹ 45 for one year at 9% rate p.a.. What is the sum she has borrowed?
On what principal will the simple interest be Rs. 7,008 in 6 years 3 months at 5% per year?
At a rate of 10 p.c.p.a., what would be the interest for one year on rupees 6000?
Mahesh deposited rupees 8650 in a bank at a rate of 6 p.c.p.a. How much money will he get at the end of the year in all?
Angela deposited 15000 rupees in a bank at a rate of 9 p.c.p.a. She got simple interest amounting to 5400 rupees. For how many years had she deposited the amount?
Which among the following rate of interest yields an interest of ₹ 200 for the principle of ₹ 2,000 for one year
A sum of ₹ 46,900 was lent out at simple interest and at the end of 2 years, the total amount was ₹ 53,466. Find the rate of interest per year
The interest on ₹ 30000 for 3 years at the rate of 15% per annum is ______.
A memorial trust donates ₹ 5,00,000 to a school, the interest on which is to be used for awarding 3 scholarships to students obtaining first three positions in the school examination every year. If the donation earns an interest of 12 per cent per annum and the values of the second and third scholarships are ₹ 20,000 and ₹ 15,000 respectively, find out the value of the first scholarship.
In how many years will the simple interest on a certain sum be 4.05 times the principal at 13.5 per cent per annum?
