Question
Download Solution PDFA sum of ₹ 9,500 gives a simple interest of ₹ 1,520 in 4 years. What is the rate of interest per annum?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹ 9,500
Simple Interest (SI) = ₹ 1,520
Time (T) = 4 years
Formula Used:
Simple Interest (SI) = (P × R × T) / 100
where P → Principal, R → Rate of Interest, T → Time
Calculations:
According to Question:
1,520 = (9,500 × R × 4) / 100
1,520 = 38,000R / 100
1,520 = 380R
R = 1,520 / 380
R = 4%
∴ The rate of interest per annum is 4%.
Last updated on Jan 23, 2025
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