Question 159

58,750 amounts to Rs 7,79,900 in four years at simple interest. What is the rate of interest paid?

Solution

Let the rate of interest be R % per annum

Principal Amount = Rs 58750

Total Amount in 4 years = Rs 79900

Simple interest paid = 79900 - 58750 = Rs 21150

SI = (P x R x T )/ 100

21150 = $$\frac{58750 \times R \times 4}{100}$$

R = 9 % per annum

Create a FREE account and get: