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Question
The simple interest on a certain sum of money is `3/8` of the sum in `6 1/4` years. Find the rate percent charged.
Solution 1
Let P = Rs.8
S.I. = Rs.`3/8xx8`
= Rs.3
T =`6 1/4` years = `25/4` years
We know that :
R =`(100xx"I")/("P"xx"T")`
`=(100xx3)/(8xx25/4)=(100xx3)/8xx4/25=2xx3`
= 6%
Solution 2
Given:
- Simple interest is `3/8` of the sum,
- Time (T) = `6 1/4` = 6.25 years,
- Formula for simple interest:
`SI = (P.R.T)/100`
Step 1: Represent simple interest in terms of the principal
`SI = 3/8.P`
Substitute SI into the formula:
`3/8.P = (P.R.T)/100`
Step 2: Cancel P (since P≠0) and solve for R:
`3/8 = (Rxx6.25)/100`
Rearrange
`R = (3/8 xx100)/6.25`
Step 3: Simplify:
`R = (3xx100)/(8xx6.25)=300/50=6`
= 6
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